BOSTON, Aug. 6, 2008 (PRIME NEWSWIRE) -- Shapiro Haber & Urmy LLP ("Shapiro Haber & Urmy") announced today that it has filed a class action in the United States District Court for the District of New Hampshire on behalf of purchasers of GT Solar International, Inc. ("GT Solar" or the "Company") (Nasdaq:SOLR) common stock on July 24, 2008 pursuant to, or traceable to, the Company's false and misleading Registration Statement (the "Registration Statement") issued in connection with the Company's Initial Public Offering ("IPO"). The action is entitled Dykes v. GT Solar, et al., No. 08-cv-00318. Persons who bought GT Solar stock in the IPO or who purchased shares in the market on July 24, 2008 are included in the proposed Class. You can view a copy of the complaint at http://www.shulaw.com/securities/gtsolar.asp.
Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to serve as lead plaintiff, you must apply to the Court, no later than September 30, 2008. If you wish to discuss moving to be appointed lead plaintiff in this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Edward F. Haber or Michelle Blauner of Shapiro Haber & Urmy LLP, at 800-287-8119 or 617-439-3939, or via e-mail at ehaber@shulaw.com or mblauner@shulaw.com.
The complaint charges GT Solar and certain of its officers and directors with violations of the Securities Act of 1933 in connection with the Company's IPO. In the IPO, 30.3 million shares of GT Solar stock were sold at $16.50 per share. The $500 million proceeds from the IPO were disbursed to GT Solar Holdings, LLC ("GT Holdings"), and then distributed to GT Holdings' shareholders. None of the proceeds were distributed to GT Solar.
The complaint alleges that the Registration Statement failed to disclose that GT Solar's largest customer, LDK Solar Co., Ltd. ("LDK Solar" or "LDK"), which accounted for 62% of the Company's revenue during the fiscal year ended March 31, 2008, had ceased ordering GT Solar's principal product, DSS Furnaces, from GT Solar and that LDK had decided to purchase furnaces from a competitor of GT Solar. On July 25, 2008, one day after the IPO, LDK announced that it had entered into a three-year contract to purchase furnaces from JYT Corporation.
As a result, GT Solar stock, which was sold in the IPO for $16.50 per share, sold as low as $9.30 per share, and closed at $12.59 per share, on July 25, 2008, a drop of 23% from the IPO price one day earlier. Plaintiff seeks to recover damages on behalf of all persons or entities who acquired the common stock of GT Solar on July 24, 2008 pursuant to, or traceable to, the Registration Statement issued in connection with the Company's IPO.
Shapiro Haber & Urmy is based in Boston, Massachusetts and concentrates in the litigation of complex civil actions, particularly class and derivative actions. Shapiro Haber & Urmy has represented investors, consumers, and investors in a number of significant securities fraud, consumer protection, ERISA and employment class actions, obtaining multimillion-dollar jury verdicts, arbitration awards and settlements. The firm has extensive experience in both trials and appeals in state and federal courts. The firm's website (http://www.shulaw.com/) has more information about the firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca