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GT Advanced Technologies Inc.

Case Summary

GT Advanced Technologies Inc. Securities Litigation

Case Summary

Case Status:    SETTLED
On or around 09/20/2018 (Ongoing date of last review)

Filing Date: October 17, 2014

According to the law firm press release, the Complaint alleges that during the Class Period, Defendants misrepresented and/or concealed the Company's (i) cash position; (ii) expected cash position and revenues; (iii) ability to meet the milestones under a critical agreement with Apple for the production of sapphire material; and (iv) the progress that the Company was making developing the facility that would produce the sapphire material.

On October 6, 2014, the Company announced that it was experiencing a liquidity crisis and filed for bankruptcy in the United States Bankruptcy Court for the District of New Hampshire. On this news, the price of the Company stock declined from $11.05 per share to $0.80 per share, or almost 93%. Similarly, the price of the Company's 3.00% Convertible Senior Notes due 2020, which had a face value of $1,000 per note, declined from $1,083 per note to $315 per note, or almost 71%.

On February 4, 2015, the Court issued an Order consolidating cases. On May 20, the Court issued an Order appointing Lead Plaintiff and Counsel. On July 20, Lead Plaintiff filed a consolidated Complaint. On October 7, Defendants filed a Motion to Dismiss the consolidated Complaint. On May 4, 2017, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On August 18, 2017, the Plaintiffs and Underwriter Defendants entered into a Stipulation of Settlement. On January 26, 2018, the Plaintiffs and Individual Defendants entered into a Stipulation of Settlement. On February 13, the Court issued an Order granting preliminary approval of the Individual Defendant Settlement and the Underwriter Defendant Settlement. On June 28, the Court issued an Order granting Lead Plaintiff's Motion for final approval of Settlements and plan of allocation. On July 27, the Court issued Judgments approving the Settlement with the Individual Defendants and with the Underwriter Defendants.

Company & Securities Information

Defendant: GT Advanced Technologies Inc.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GTAT
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.

First Identified Complaint

John J Favalora, Jr., et al. v. Thomas Gutierrez, et al.

COURT: D. New Hampshire
DOCKET #: 14-CV-00460
JUDGE: Hon. Joseph N. Laplante
DATE FILED: 10/17/2014
CLASS PERIOD START: 11/05/2013
CLASS PERIOD END: 10/06/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gainey McKenna & Egleston
    440 Park Avenue South, 5th Floor, Gainey McKenna & Egleston, NY 10016
    212.983.1300 212.983.0380 ·
  2. Hage Hodes, PA
    1855 Elm Street, Hage Hodes, PA, NH 03104
    (603) 668-2222 (603) 641-6333 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of Federal Securities Laws 10/17/2014
2 Order 02/04/2015
3 Summary Order 05/20/2015

Reference Complaint

Adam S. Levy, et al. v. Thomas Gutierrez, et al.

COURT: D. New Hampshire
DOCKET #: 14-CV-00443
JUDGE: Hon. Joseph N. Laplante
DATE FILED: 07/20/2015
CLASS PERIOD START: 11/05/2013
CLASS PERIOD END: 10/06/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. Lockridge Grindal Nauen P.L.L.P.
    100 Washington Avenue S. Suite 2200, Lockridge Grindal Nauen P.L.L.P., MN 55401
    612.339.6900 612.339.6900 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Consolidated Class Action Complaint 07/20/2015
2 Memorandum Opinion 05/04/2017
3 Lead Plaintiff's Motion for (I) Preliminary Approval of Underwriter Settlement, (II) Certification of the Underwriter Settlement Class, and (III) Approval of Notice to the Underwriter Settlement Class 09/11/2017
4 Stipulation and Agreement of Settlement with Settling Underwriter Defendants 09/11/2017
5 [Proposed] Order Preliminarily Approving Settlement with Settling Underwriter Defendants and Providing for Notice 09/11/2017
6 Joint Notice Of Partial Settlement 11/10/2017
7 Stipulation and Agreement of Settlement with Individual Defendants 01/26/2018
8 Order Preliminarily Approving Settlements and Providing for Notice 02/13/2018
9 Order Approving Plan of Allocation of Net Settlement Funds 07/27/2018
10 Judgment Approving Class Action Settlement with Individual Defendants 07/27/2018
11 Judgment Approving Class Action Settlement with Underwriter Defendants 07/27/2018
12 U.S. District Court Civil Docket 07/30/2018
13 Corrected Order Awarding Attorneys' Fees and Reimbursement of Litigation Expenses 07/30/2018
 
 

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