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GT Solar International, Inc. Summary: On December 22, 2008, a Consolidated Class Action Complaint was filed. On December 11, 2008, another Order of Consolidation was entered by the court.
On October 03, 2008, an Order Of Consolidation was entered consolidating all other pending actions.
On August 13, 2008, a potential consolidation order was entered.
According to a law firm press release, a class action was commenced on behalf of purchasers of GT Solar International, Inc. common stock pursuant or traceable to the Company's false and misleading Registration Statement and Prospectus issued in connection with its July 23, 2008 initial public offering.
The complaint charges GT Solar and certain of its officers and directors with violations of the Securities Act of 1933. GT Solar and its subsidiaries provide manufacturing equipment and "turnkey" manufacturing solutions to the photovoltaic industry worldwide.
The complaint alleges that on July 23, 2008, GT Solar accomplished its IPO of 30.3 million shares at $16.50 per share for net proceeds of $500 million, pursuant to the Registration Statement (the "Offering"). The proceeds from the Offering went to GT Solar Holdings, LLC ("GT Solar Holdings"). GT Solar Holdings intended to use the net proceeds it received via the Offering to make a distribution to its shareholders. In its first day of trading, GT Solar closed at $14.59 per share on July 24, 2008.
The following day, on July 25, 2008, before the market opened, LDK Solar Co., LTD ("LDK"), GT Solar's largest customer, issued a press release announcing that it had signed a contract to purchase production equipment from one of GT Solar's competitors. On this news, GT Solar's stock price declined to as low as $9.30 per share before closing at $12.59 per share on July 25, 2008, losing 13% of its value in its second day of trading.
According to the complaint, the Registration Statement failed to disclose the true extent of the risks surrounding the Company's relationship with LDK, including the fact that the Company was at imminent risk of losing out on a contract for future orders from LDK due to delays in shipping production equipment to LDK.
INDUSTRY CLASSIFICATION:
SIC Code: 3674
Sector: Technology
Industry: Semiconductors
| COMPANY/ISSUER NAME: | GT Solar International, Inc. |
| COMPANY/ISSUER TICKER: | SOLR |
| COMPANY WEBSITE: | http://www.gtsolar.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Braun, et al. v. GT Solar International, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint For Violation Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 8/1/2008 | ||
| Order | |||
| Type: Order | Date on the document: 8/13/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 8/21/2008 | ||
| Order Of Consolidation | |||
| Type: Order of Consolidation | Date on the document: 10/03/2008 | ||
| Order Of Consolidation | |||
| Type: Order | Date on the document: 12/11/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Arkansas Public Employee Retirement System, et al. v. GT Solar International, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Class Action Complaint | |||
| Type: Complaint | Date on the document: 12/22/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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