LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP reminds investors of GT Advanced Technologies Inc. (“GT Advanced” or the “Company”) (NASDAQ:GTAT) that purchasers of GT Advanced securities between November 4, 2013 and October 3, 2014, inclusive (the “Class Period”), have until December 8, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the District of New Hampshire. Investors who have losses of $1 million or more are encouraged to contact the firm for more information.
GT Advanced provides materials and equipment for the global consumer electronics, power electronics, solar and LED industries worldwide. The Company’s sapphire glass technology is utilized for smartphones and other optical and electronics applications. The Complaint alleges that defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, defendants misrepresented and/or failed to disclose that:
- the Company’s sapphire display would not be used in the new Apple iPhone 6 devices;
- the Company did not have sufficient cash on hand to satisfy its customary obligations for daily operations; and
- as a result of the above, defendants’ statements about the Company’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On September 9, 2014, Apple, Inc. revealed that its new iPhone 6 and iPhone 6 Plus smartphones featured Corning’s Gorilla Glass, instead of GT Advanced’s sapphire cover as many investors were expecting. Following this news, GT Advanced shares declined nearly 13%, or $2.29 per share, to close on September 9, 2014, at $14.94 per share, on unusually heavy volume.
Then, on October 6, 2014, the Company announced that GT Advanced was filing for bankruptcy protection under Chapter 11. According to the Company, as of September 29, 2014, GT Advanced had approximately $85 million of cash remaining and the Company was seeking debtor-in-possession financing to satisfy obligations associated with the daily operation of its business. As a result of this news, the price of GT Advanced shares dropped $10.25, or nearly 93%, to close at $0.80 per share on October 6, 2014, on unusually heavy volume.
If you are a member of the Class described above, you may move the Court no later than December 8, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you suffered losses of $1 million or more and wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, or Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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