GT Advanced Technologies Inc. produces silicon carbide and sapphire crystal materials for the electric vehicles, power electronics, aerospace and telecom markets.

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. On September 20, Plaintiffs filed a Motion for Class Certification. The Court issued an Order granting the Motion to Certify a Class on September 30, 2019.

On November 22, the parties filed a joint notice of Settlement, advising the Court that they had reached an agreement-in-principle to settle with Apple, Inc.. On January 10, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on March 3. On August 27, the Court granted final approval of the Settlement. On May 25, 2021, the Court granted the Motion to release the Settlement's funds, and on May 26 the Court entered Judgment in accordance with the previous Orders and Endorsed Orders.