August 26, 2008
Milberg LLP Announces Its Investigation on Behalf of Certain Investors of GT Solar International, Inc. — SOLR
Attorney Advertising. The law firm of Milberg LLP is investigating possible illegal conduct as alleged in proposed class action lawsuits filed in the United States District Court for the District of New Hampshire against GT Solar International, Inc. ("GT Solar" or the "Company") (NASDAQ: SOLR) and certain of GT Solar's officers and directors for violations of the Securities Act of 1933. The lawsuits are brought on behalf of all purchasers of common stock pursuant or traceable to the company's registration statement and prospectus (collectively, the "Registration Statement") issued in connection with its July 23, 2008 initial public offering ("IPO").
GT Solar and its subsidiaries provide manufacturing equipment to the solar power industry.
According to the complaints, 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.
If you purchased GT Solar common stock prior to July 25, 2008, you may be entitled to move the Court no later than September 30, 2008, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg LLP, or other attorneys, to serve as your counsel in this action.
Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:
Roland Riggs Peter Safirstein Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: [email protected] Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
SOURCE: Milberg LLP