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Case Status:    SETTLED
On or around 03/28/2013 (Other)

Filing Date: August 01, 2008

The 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.

On August 13, 2008, a potential consolidation order was entered. On October 3, 2008, an Order of Consolidation was entered consolidating all other pending actions On December 11, 2008, another Order of Consolidation was entered by the court. On December 22, 2008, a Consolidated Class Action Complaint was filed. On February 5, 2009, the defendants filed a motion to dismiss the Consolidated Class Action Complaint. Judge Joseph N. Laplante denied the motion on October 7, 2009. The action is now in discovery proceedings.

On October 4, 2010, the plaintiff requested that the Court dismiss this complaint pursuant to Fed. R. Civ. P. 41(a)(2), without prejudice by way of Voluntary dismissal.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SOLR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Hampshire
DOCKET #: 08-CV-00312
JUDGE: Hon. Joseph N. Laplante
DATE FILED: 08/01/2008
CLASS PERIOD START: 07/23/2008
CLASS PERIOD END: 07/25/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
  3. Sheehan Phinney Bass & Green
    1000 Elm Street, Sheehan Phinney Bass & Green, NH 03105
    603.627.8149 ·
No Document Title Filing Date
COURT: D. New Hampshire
DOCKET #: 08-CV-00312
JUDGE: Hon. Joseph N. Laplante
DATE FILED: 12/22/2008
CLASS PERIOD START: 07/24/2008
CLASS PERIOD END: 07/25/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
No Document Title Filing Date