GT Advanced Technologies Inc (NASDAQ: GTAT) Investor Securities Class Action Lawsuit 10/17/2014

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of July 12, 2018 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
GT Advanced Technologies
Case Name: 
GT Advanced Technologies Shareholder Class Action Lawsuit 10/17/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: GTAT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/09/2014
Class Period Begin: 
11/05/2013
Class Period End: 
10/06/2014
Court of Filing: 
U.S. District Court for the District of New Hampshire
Deadline To File for Lead: 
12/08/2014
Date Settled: 
02/13/2018
Settlement Amount: 
$36,700,000
Deadline to Participate in Settlement: 
07/12/2018
Summary: 

The settlement includes all persons who or which purchased or otherwise acquired during the period from November 5, 2013 through 9:40 a.m. Eastern Standard Time on October 6, 2014, publicly traded GT Advanced Technologies Inc common stock (NASDAQ: GTAT) and/or publicly traded GTAT 3.00% Convertible Senior Notes Due 2020, purchased or otherwise acquired publicly traded call options on GTAT common stock, and/or sold (wrote) publicly traded put options on GTAT common stock.

The settlement amount of $36,700,000 consists of:
- Individual Defendants for $27,000,000 in cash
- Underwriter Defendants for $9,700,000 in cash

February 13, 2018 - The court preliminarily approved the settlement.

January 26, 2018 - Parties (lead plaintiff and individual defendants as well as underwriter defendants) filed a stipulation of settlement.

May 4, 2017 - The court denied in part and granted in part defendants' motions to dismiss.

October 8, 2015 - Defendants filed motions to dismiss.

July 20, 2015 - The lead plaintiff filed an amended consolidated complaint.

February 4, 2015 - Cases were consolidated.

December 8, 2014 - Lead plaintiff motions were filed.

October 17, 2014 - An investor in shares of GT Advanced Technologies Inc (NASDAQ: GTAT) filed a lawsuit in the U.S. District Court for the District of New Hampshire against GT Advanced Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 5, 2013 to 9:40am Eastern Standard Time on October 6, 2014.

The lawsuit was filed on behalf of purchasers of GT Advanced Technologies Inc (NASDAQ: GTAT) common shares between behalf of investors who purchased in GT Advanced Technologies Inc (NASDAQ: GTAT) between November 5, 2013 and 9:40am Eastern Standard Time on October 6, 2014, who purchased securities in or traceable to GT Advanced Technologies Inc’s public offering of $214 million in principal amount of 3.00% Convertible Senior Notes due 2020 conducted on or around December 4, 2013, which included $24 million of notes sold pursuant to an overallotment option granted by GT Advanced Technologies Inc to certain underwriters, and who purchased securities in or traceable to GT Advanced Technologies Inc’s (NASDAQ: GTAT) public offering of 9,942,196 shares of its common stock conducted on or around December 4, 2013, which included 1,292,196 shares sold pursuant to an overallotment option granted by GT Advanced Technologies Inc to certain underwriters.

The plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff alleges claims against certain of GT Advanced Technologies Inc’s executive officers, GT Advanced Technologies Inc’s Board of Directors, including the directors that signed the Registration Statement for the Offerings, and the underwriters of the Offerings, and arise under Sections 11 and 12(a)(2) of the Securities Act of 1933, and Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

On November 4, 2013, GT Advanced Technologies Inc announced that it entered into the entirely new business of providing sapphire material to Apple through a multi-year agreement. Pursuant to the Agreement, Apple provided GT Advanced Technologies Inc with a $578 million prepayment payable in four installments, which would be repayable over five years, starting in 2015. Apple could force the Company to repay the prepayments early if GT Advanced Technologies Inc failed to fulfill certain covenants, and could also withhold prepayment installments from GT Advanced Technologies Inc if the Company failed to meet certain milestones.

GT Advanced Technologies Inc reported that its Total Revenue declined from $955.71 million for the 12 months period that ended on March 31, 2012 to $298.97 million for the 12 months period that ended on Dec. 31, 2013 and that its Net Income of $183.40 million for the 12 months period that ended on March 31, 2012 declined to a Net Loss of $82.80 million for the 12 months period that ended on Dec. 31, 2013. Shares of GT Advanced Technologies Inc (NASDAQ: GTAT) grew from $3.78 per share in January 2013 to as high as $19.77 per share in July 2014.

In September 2014, Apple unveiled two new models of its iPhone device, neither of which would contain displays made from GT Advanced Technologies Inc’s sapphire material.

Then on October 6, 2014, GT Advanced Technologies Inc announced that it had, together with certain of its direct and indirect subsidiaries, commenced voluntary cases under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Hampshire.

Shares of GT Advanced Technologies Inc (NASDAQ: GTAT) dropped from $11.23 per share on October 3, 2014, to as low as $0.75 per share on October 6, 2014.

On October 9, 2014, GT Advanced Technologies Inc (NASDAQ: GTAT) shares closed at $1.29 per share.