NEW YORK, Oct. 28, 2014 (GLOBE NEWSWIRE) -- Rosen Law Firm reminds purchasers of the securities of GT Advanced Technologies, Inc. (Nasdaq:GTAT) (OTC:GTATQ) during the period between November 5, 2013 and October 6, 2014, as well as purchasers of the securities in or traceable to the Company's public offering of 3% Convertible Senior Notes due 2020 of the important December 8, 2014 lead plaintiff deadline in the class action.
To join the GTAT class action, go to the website at http://rosenlegal.com/cases-396.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
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. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, GT Advanced misrepresented the Company's expected cash position and revenues, its ability to meet certain criteria of its agreement with Apple for the production of sapphire material. On September 8, 2014 Thomas Gutierrez, CEO sold 9,232 shares of GTAT, gaining over $160,000. The next day, Apple unveiled that both models of the iPhone 6 would come with displays made by Gorilla Glass, a competitor of GT Advanced. On October 6, 2014, the Company announced that it was experiencing a liquidity crisis and that it had filed for bankruptcy. On this news, shares of GTAT fell $10.25 per share, or over 92%, to close at $0.80 per share on October 6, 2014.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 8, 2014. If you wish to join the litigation go to http://rosenlegal.com/cases-396.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.