Wolf Popper LLP Files a Securities Class Action Against GT Solar International, Inc.

2008-08-13 07:00:00

    NEW YORK, Aug. 13 /EMWNews/ -- Wolf Popper LLP has filed a class

action lawsuit against GT Solar International, Inc. ("GT Solar"; Nasdaq:

SOLR) and certain other defendants in the United States District Court for

the District of New Hampshire on behalf of investors who purchased GT Solar

common stock in its initial public offering or on the open market on July

24, 2008. The case has been assigned Civil Action No. 08 Civ. 00324. The

complaint is available on Wolf Popper's website (http://www.wolfpopper.com).

    GT Solar had an initial public offering on or about July 23, 2008,

selling 30.3 million shares of common stock at $16.50 each (the "IPO"). The

Registration Statement pursuant to which the IPO was conducted contained

allegedly misleading statements and omitted material facts concerning sales

of and demand for DSS furnaces, GT Solar's most important product. This

included statements about sales to GT Solar's largest customer, LDK Solar

Co., Ltd. ("LDK"), which represented 62% of the company's revenue in the

fiscal year ended on March 31, 2008.

    One day after GT Solar's IPO -- at 3:15 a.m. on July 25, 2008 -- LDK

announced that it had "signed a contract" to purchase DSS furnaces from JYT

Corporation through 2010. This caused shares of GT Solar to close at $12.49

per share, 24% below the IPO price, on July 25, 2008.

    The complaint alleges, in light of LDK's announcement, that the IPO

documents failed to disclose that (1) GT Solar was losing significant

business from its largest customer (LDK); (2) that LDK would begin

purchasing DSS furnaces from one of GT Solar's greatest competitors, JYT

Corporation; and, (3) GT Solar had already experienced a significant

decline in orders received from LDK, as manifested by the company's

admission that the proportion of its current order backlog attributable to

LDK was only 20%.

    Investors in GT Solar have until September 30, 2008 to file a motion

with the District Court to seek appointment as lead plaintiff.

    Wolf Popper LLP has extensive experience representing shareholders in

class actions and has successfully recovered billions of dollars for

defrauded investors and shareholders.

    For more information or to pursue your appointment as lead plaintiff,

please contact:

Wolf Popper LLP - 877.370.7703 (toll free) (email: irrep@wolfpopper.com) James A. Harrod, Esq. - 212.451.9642 (email: jharrod@wolfpopper.com) Anthony Green, Esq. - 212.451.9621 (email: agreen@wolfpopper.com) 845 Third Avenue New York, NY 10022 Fax: 212.486.2093 or 877.370.7704 (toll free) website: http://www.wolfpopper.com Attorney Advertising -- Prior results do not guarantee a similar outcome

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