Legal Eagle Review - Class Action Lawsuit Against GT Solar International Announced

Class Action Lawsuit Against GT Solar International Announced

Written by PrimeNewsWire

Monday, 04 August 2008

New York, New York - 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 This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or visit our website at http://www.brualdilawfirm.com.

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.