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Berger & Montague, P.C. Announces The Filing of a Securities Class Action Suit Against Certain Executive Officers of GT Advanced Technologies Inc.

Posted: October 16, 2014
Practice Areas: Securities Litigation

Philadelphia, Pa.-- 10/16/14 --  Berger & Montague, P.C. today announced that it has filed a securities class action lawsuit against certain of the executive officers of GT Advanced Technologies Inc. ("GT" or the "Company") (NASDAQ: GTAT). The action, which is captioned Impagliazzo, et al. v. Gutierrez, 1:14-cv-00458 (D.N.H.), asserts claims under the Securities Exchange Act of 1934 on behalf of investors in GT securities during the period of November 5, 2013 to 9:40 am Eastern Standard Time on October 6, 2014, inclusive (the "Class Period").

The Complaint alleges that during the Class Period defendants made statements which misrepresented and/or concealed GT's cash position, expected cash position and revenues, ability to meet certain milestones under a critical agreement with Apple for the production of sapphire material, and the Company's development of a facility that would produce the sapphire material.  These false and misleading statements were made to the market in public statements and in the offering materials for GT's offerings of 3.00% Convertible Senior Notes due 2020 and public offering of common stock, both conducted on or around December 4, 2013.  On October 6, 2014, the Company suddenly reversed course and announced that it was experiencing a liquidity crisis and filed for bankruptcy in the United States Bankruptcy Court for the District of New Hampshire. On this news, the price of GT stock declined from $11.05 per share to $0.80 per share, or almost 93%. Similarly, the price of the Company's 3.00% Convertible Senior Notes due 2020, which had a face value of $1,000 per note, declined from $1,083 per note to $315 per note, or almost 71%.

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than December 8, 2014. This class action case involves all persons who:

  1. purchased GT's publicly traded securities between November 5, 2013 and 9:40 am Eastern Standard Time on October 6, 2014;
  2. purchased securities in or traceable to the Company's public offering of $214 million in principal amount of 3.00% Convertible Senior Notes due 2020 conducted on or around December 4, 2013;
  3. purchased securities in or traceable to GT's public offering of 9,942,196 shares of its common stock conducted on or around December 4, 2013.

Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

Berger & Montague, P.C., based in Philadelphia, PA, represents plaintiffs in complex and class action litigation and is consistently ranked as one of the top plaintiffs' law firms in the United States by many publications.  Berger & Montague, P.C. has extensive experience representing investors, homeowners, consumers and borrowers in class action litigation, and the firm has played lead roles in major cases for over 40 years resulting in recoveries of many billions of dollars for their clients and the classes they represent.  Further information about Berger & Montague, P.C. can be found at www.bergermontague.com.

If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact:

PV Telang
215-875-3068
pvtelang@bm.net