SAN FRANCISCO--(BUSINESS WIRE)--Lieff Cabraser Heimann & Bernstein, LLP reminds GT Advanced Technologies Inc. (“GT”) (NasdaqGS: GTAT) investors of the December 8, 2014 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of purchasers of the securities of GT during the period November 5, 2013 through 9:40 a.m. Eastern Standard Time on October 6, 2014, (“the Class Period”), including purchasers of GT securities in or traceable to GT’s public offering of 3.00% Convertible Senior Notes due 2020 and GT’s public offering of common stock, both conducted on or around December 4, 2013 (collectively, the “Offerings”).
If you purchased or otherwise acquired GT securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 8, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
GT investors who wish to learn more about the action should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
The actions allege that during the Class Period, defendants misrepresented and/or concealed GT’s cash position, expected cash position and revenues, ability to meet the milestones under a critical agreement with Apple to produce sapphire material, and GT’s progress in developing the facility to produce the sapphire material.
On September 9, 2014, Apple unveiled two new iPhone models, neither of which featured GT’s sapphire materials. On this news, GT’s stock price fell $4.37 per share, or approximately 25%, from its closing price on September 8, 2014, to close at $12.78 on September 10, 2014, while GT’s 3.00% Convertible Senior notes due 2020 also fell nearly 21% over the same period.
On October 6, 2014, GT announced that it had filed for bankruptcy protection. On this news, GT stock fell $10.25 per share, or approximately 93%, from its closing price on the previous trading day to close at $0.80 on October 6, 2014, while the price of GT’s 3.00% Convertible Senior Notes due 2020 declined almost 71%.
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