Milberg LLP Announces Filing of a Class Action Lawsuit against GT Advanced Technologies Inc. and the Underwriters of Certain Public Offerings of the Company's Securities

NEW YORK, Oct. 15, 2014 /PRNewswire/ -- Milberg LLP announces that class action lawsuit has been filed in the United States District Court for the District of New Hampshire on behalf of purchasers of GT Advanced Technologies. ("GTAT" or the "Company) GTAT securities, during the period November 5, 2013 to October 6, 2014, ("the Class Period"), including purchasers of the Company's public offering of 3.00% Convertible Senior Notes due 2020 and GT's public offering of common stock, both conducted on or around December 4, 2013 (the "Offerings").

The complaint alleges that throughout the Class Period and/or in the offering materials, GTAT and certain of its officers violated the federal securities laws by disseminating false and misleading statements to the investing public.

Specifically, it is alleged that during the Class Period and/or in the offering materials for the Offerings, defendants misrepresented and/or concealed GT's cash position, expected cash position and revenues, ability to meet the milestones under a critical agreement with Apple for the production of sapphire material, and the progress that the Company was making developing the facility that would produce the sapphire material. On October 6, 2014, the Company announced that it was experiencing a liquidity crisis and filed for bankruptcy in the United States Bankruptcy Court for the District of New Hampshire.

On this news, the price of GT stock declined from $11.05 per share to $0.80 per share, or almost 93%. Similarly, the price of the Company's 3.00% Convertible Senior Notes due 2020, which had a face value of $1,000 per note, declined from $1,083 per note to $315 per note, or almost 71%.

If you purchased GTAT shares between November 5, 2013 and October 6, 2014, you may, no later than December 8, 2014, request that the Court appoint you lead plaintiff. A lead plaintiff is a class member that directs the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.

If you would like to learn more about this potential matter, please contact the following attorney:

Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com

SOURCE Milberg LLP