NEW YORK, Aug. 1, 2008 (LAWFUEL) — The Brualdi Law Firm, P.C.
announces that a lawsuit has been commenced in the United States
District Court for the District of New Hampshire on behalf of
purchasers of GT Solar International, Inc. (“GT Solar” or “the
Company”) (Nasdaq:SOLR) common stock pursuant or traceable to the
Company’s false and misleading Registration Statement and Prospectus
(collectively, the “Registration Statement”) issued in connection with
its July 23, 2008 initial public offering (“IPO”) for violations of the
federal securities laws.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased GT Solar common stock during the period described above,
you have certain rights, and have until no later than 60 days from
today in which to move for Lead Plaintiff status. Any member of the
purported class may move the Court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an
absent class member.
To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. If you wish to discuss this
action or have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Sue Lee at The
Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York
10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by
email to [email protected] or visit our website at
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.