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Finkelstein Thompson LLP Announces Filing of Securities Fraud Class Action Against GT Solar International, Inc.

WASHINGTON, Aug. 20 /PRNewswire/ -- Notice is hereby given that Finkelstein Thompson LLP has filed a Class Action lawsuit in the United States District Court for the District ofNew Hampshire on behalf of purchasers of the common stock of GT Solar International, Inc. ("GT Solar") (Nasdaq: SOLR) in connection with the Company's July 23, 2008 initial public offering ("IPO").

A copy of the complaint is available from the court or from Finkelstein Thompson LLP. Please call us toll-free at (877) 337-1050 to discuss this action or to obtain a copy of the complaint. You may also contact us by email at contact@finkelsteinthompson.com, or visit our website at http://www.finkelsteinthompson.com.

The complaint alleges that GT Solar and certain of its officers, directors, and underwriters violated the Securities and Exchange Act of 1934. On July 23, 2008, GT Solar closed its initial public offering of 30.3 million shares at $16.50 a share. According to the complaint, since June 2005, GT Solar has entered into a number of contracts for the sale of equipment and technology to LDK Solar Co. Ltd. ("LDK"). Since then, the importance of GT Solar's relationship with LDK has grown. In the fiscal year ending March 31, 2008, LDK reportedly accounted for 63% of GT Solar's revenue.

According to the complaint, GT Solar misrepresented or failed to disclose that it was at a serious risk of losing its contracts with LDK because of delays in shipping equipment to LDK and that this would severely impact GT Solar's business. As a result of Defendants' failure to disclose the material facts concerning LDK, GT Solar's stock sold at inflated levels in the IPO. Once the reality of LDK and GT Solar's relationship came to light, the Company's shares dropped 14% to close at $12.42 per share, a 30% drop from the $16.50 per share price during the Company's IPO.

If you are a member of the Class, you may request that the Court appoint you as lead plaintiff by no later than September 30, 2008. A lead plaintiff is a Class member appointed by the Court to direct the litigation on behalf of the class. Although a Class member need not be appointed as a lead plaintiff to receive a proportionate share of any proceeds of the litigation, lead plaintiffs make important decisions that could affect the prosecution of the class claims, including decisions concerning settlement. The securities laws create a rebuttable presumption that the plaintiff with the largest financial interest in the litigation is the most adequate to serve as a lead plaintiff. Any member of the purported Class may move the Court to serve as lead plaintiff through the counsel of their choice and returning a form to counsel or communicating with counsel is not necessary to participate in any recovery.

If you are a GT Solar shareholder and wish to discuss the case, please contact ourWashington, D.C. office toll-free at (877) 337-1050, or by email at contact@finkelsteinthompson.com.

SOURCE Finkelstein Thompson LLP

Tags: ,FIN,OIL,LAW,Finkelstein-GT-Solar

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