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Case ID: 5150 | Stocks | 08/07/2008
According to a law firm press release, a 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.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against petrochemical giant Exxon Mobil Corporation (NYSE:XOM) and certain of its officers and directors by stockholders who purchased, owned, or otherwise acquired Mobil shares and whose Mobil shares were exchanged for Exxon Mobil common stock as a result of the merger transaction approved by shareholders on May 27, 1999. The actions claim that the defendants violated federal securities laws by issuing materially false and misleading financial statements contained in a proxy filed with the Securities and Exchange Commission, overstating the Exxon's financial condition by inflating revenue and failing to account for impaired assets in violation of General Accepted Accounting Principles. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against PHH Corporation (PHH), certain of its officers and directors by stockholders who purchased the company's common stock between May 12, 2005 and March 1, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed in the Northern District Court of California against Tripath Technology, Inc., a California based technology company, (NASDAQ: TRPH) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 29, 2004 and October 22, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Universal American Financial Corporation (UHCO), certain of its officers and directors by stockholders who purchased the company's common stock between February 16, 2005 and October 28, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Mamma.com Inc. (NasdaqSC:MAMA), and certain of its officers and directors by stockholders who purchased the company's common stock between May 12, 2004 and February 16, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against the online movie rental service Netflix, Inc. and certain of its officers and directors by stockholders who purchased the company’s common stock between October 1, 2003 and July 15, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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