GT Solar International Inc (NASDAQ: SOLR) Investor Securities Class Action Lawsuit 08/01/2008

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Company Name(s): 
GT Solar International
Case Name: 
GT Solar International Inc Shareholder Class Action Lawsuit 08/01/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: SOLR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/01/2008
Court of Filing: 
U.S. District Court for the District of New Hampshire
Deadline To File for Lead: 
09/30/2008
Date Settled: 
09/27/2011
Settlement Amount: 
$10,500,000
Deadline to Participate in Settlement: 
11/09/2011
Summary: 

September 27, 2011 - The court approved the settlement on behalf of investors who purchased or otherwise acquired the common stock of GT Solar International Inc (NASDAQ: SOLR) from the effective date of GT Solar International Inc’s registration statement, through and including July 24, 2008, or investors who purchased or otherwise acquired the common stock of GT Solar International Inc (NASDAQ: SOLR) pursuant or traceable to the registration statement. The court also entered the orders approving the plan of allocation and the motion for attorneys' fees and expenses.

May 13, 2011 - The court preliminarily approved the settlement.

May 4, 2011 - Parties filed stipulation of settlement.

October 7, 2009 - The court denied the defendants' motion to dismiss.

February 5, 2009 - Defendants filed a motion to dismiss.

December 22, 2008 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased SOLR common shares between July 23, 2008 and July 24, 2008. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 by issuing false and misleading statements between July 23, 2008 and July 24, 2008.

December 11, 2008 - More cases were consolidated.

October 29, 2008 - The lead plaintiff and lead counsel were appointed.

October 3, 2008 - All cases were consolidated.

September 30, 2008 - Lead plaintiff motions were filed.

August 1, 2008 - An investor in shares of GT Solar International Inc (NASDAQ: SOLR) filed a lawsuit in the U.S. District Court for the District of New Hampshire on behalf of purchasers of GT Solar International Inc (NASDAQ: SOLR) common stock pursuant or traceable GT Solar International Inc’s false and misleading Registration Statement and Prospectus issued in connection with its July 23, 2008 initial public offering.

According to the complaint the plaintiff charges GT Solar International Inc and certain of its officers and directors with violations of the Securities Act of 1933.

The complaint alleges that on July 23, 2008, GT Solar International Inc (NASDAQ: SOLR) 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 LLC 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 International Inc 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, GT Solar International Inc’s largest customer, issued a press release announcing that it had signed a contract to purchase production equipment from one of GT Solar International Inc’s competitors. On this news, GT Solar International Inc’s (NASDAQ: SOLR) 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 GT Solar International Inc’s relationship with LDK Solar Co LTD, including the fact that the Company was at imminent risk of losing out on a contract for future orders from LDK Solar Co LTD due to delays in shipping production equipment to LDK Solar Co LTD.

GT Solar International Inc and its subsidiaries provide manufacturing equipment and “turnkey” manufacturing solutions to the photovoltaic industry worldwide.