Wolf Popper LLP Files Class Action Lawsuit Against Officers of GT Advanced Technologies, Inc.
NEW YORK, Oct. 16, 2014 /PRNewswire/ -- Wolf Popper LLP has filed a class action lawsuit against officers of GT Advanced Technologies, Inc. (NASDAQ: GTAT), in the United States District Court for the District of New Hampshire, on behalf of all persons who purchased GTAT's publicly traded securities between November 5, 2013 and October 6, 2014, and were damaged thereby. The class action is also brought on behalf of all persons who purchased GTAT's public offering of 3.00% Convertible Senior Notes due 2020 and GTAT's public offering of common stock, both conducted on or around December 4, 2013. This action alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you are a member of the Class, you may file a motion no later than December 8, 2014 to be appointed a lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who purchased GTAT during the Class Period and suffered losses are urged to contact Wolf Popper to discuss their rights.
The Complaint charges that Defendants made materially false and/or misleading statements with respect to GTAT's relationship with Apple, and that GTAT was in a "good capital position."
However, Defendants failed to disclose, among other things, that GTAT: (i) would not be able to meet the requirements of its multi-year agreement with Apple to supply sapphire materials; (ii) was facing a liquidity crisis given its failure to meet the requirements of its supply agreement with Apple; (ii) revenue guidance for 2014 was inflated because Apple would not be using its sapphire materials in the new iPhone; and (iv) would not be ending the year with $400 to $450 million in cash.
On October 6, 2014, GTAT announced that it was experiencing a liquidity crisis and filed for bankruptcy. On this news, the price of GTAT shares plummeted $10.25 per share, or nearly 93%, to close at $0.80 per share.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com
For more information, please contact:
Robert C. Finkel, Esq.
Tel.: 877.370.7703
Fax: 877.370.7704
Email: [email protected]
website: www.wolfpopper.com
SOURCE Wolf Popper LLP
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