Published:
Nixon Raiche Seeks to Recover Losses for Investors Who Purchased GT Solar International, Inc. Common Stock
Nixon, Raiche, Vogelman, Barry & Slawsky,
P.A. (www.nixonraiche.com), based in Manchester, New Hampshire, has filed a
class action suit in the United States District Court for the District of
New Hampshire against GT Solar International, Inc. ("GT Solar" or the
"Company") (NASDAQ: SOLR) and certain of its officers and directors that
alleges violations of the Securities Act of 1933 on behalf of all persons
or entities who purchased or acquired the common stock of GT Solar pursuant
or traceable to the Company's false and misleading Registration Statement
and Prospectus issued in connection with the Company's July 23, 2008
initial public offering ("IPO") (the "Class"). Also named as defendants are
certain underwriters of the IPO. The Complaint alleges that on July 23,
2008 GT Solar accomplished its IPO of 30.3 million shares at $16.50 per
share for proceeds of $500 million. As further alleged, on July 24, 2008,
in its first day of trading, GT Solar's common stock closed at $14.59 per
share.
However, as alleged, before the market opened on July 25, 2008, LDK Solar
Co, Ltd. ("LDK"), GT Solar's largest customer, issued a press release
announcing it had signed a contract to purchase the same type of equipment
it was purchasing from GT Solar from one of GT Solar's competitors and on
this disclosure the price of GT Solar's stock declined to as low as $9.30
per share before closing at $12.59 per share on July 25, 2008, representing
a 24% decline from the IPO price.
The Complaint alleges that the Registration Statement for the IPO failed to
disclose the true extent of the risks surrounding the Company's
relationship with LDK, including the fact that GT Solar was at imminent
risk of losing out on a contract for future orders from LDK, its single
largest customer.
If you are a member of the proposed Class, you may move the court no later
than September 30, 2008 to serve as a lead plaintiff for the Class. You
need not seek to become a lead plaintiff in order to share in any possible
recovery.
Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP and Nixon, Raiche, Vogelman,
Barry & Slawsky, P.A. The Kaplan firm, with offices in New York, San
Francisco, Los Angeles, Chicago and New Jersey, has many years of
experience in prosecuting investor class actions and actions involving
financial fraud. The Nixon firm has decades of experience in consumer
litigation. For more information or to review a copy of the complaint
filed in this action, visit www.kaplanfox.com.
If you have any questions about this Notice, the action, your rights, or
your interests, please e-mail us at mail@kaplanfox.com
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Tags: ,ProfessionalServices:Legal, ,NASDAQ01,NASDAQ01,NH,MANCHESTER, NH
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