GT Solar’s (SOLR) shares tanked in their first day of trading (July 24th), and they’ve kept falling. Initially priced at $16.50, the stock is now down by 33%, to $11.
And the lawsuits have already arrived. One firm pursuing a class-action, Shapiro Haber & Urmy, notes that SOLR’s most significant customer, LDK Solar (LDK), defected to a competitor the day after the IPO–a development that most reasonable investors would presumably have wanted a heads-up about. GT Solar, naturally, denies that this will affect their business.
In any event, if you’re interested in getting a few pennies on the dollar back in the inevitable settlement (and making Shapiro, et al, rich), the firm would love to hear from you.
Shapiro, Haber & Urmy:
IF YOU PURCHASED STOCK IN GT SOLAR INTERNATIONAL, INC. THROUGH ITS INITIAL PUBLIC OFFERING ON JULY 24, 2008, OR IN THE STOCK MARKET ON JULY 24, 2008, WE WOULD LIKE TO SPEAK TO YOU ABOUT CLAIMS YOU MAY HAVE UNDER THE FEDERAL SECURITIES LAWS TO RECOVER LOSSES YOU HAVE SUSTAINED FROM YOUR PURCHASE OF GT SOLAR STOCK.
Shapiro Haber & Urmy LLP is a Boston based law firm that specialises in securities and other class actions. We are investigating the July 24, 2008 IPO of GT Solar International, Inc. at which shares of GT Solar were sold at $16.50 per share. The very next day, July 25, 2008, GT Solar’s most significant customer, LDK Solar, announced that it had entered into an agreement to purchase furnaces for the next three years from a competitor of GT Solar. The price of GT Solar closed at $12.59 on July 25, 2008. We believe these circumstances may give rise to claims by purchasers of GT Solar stock on July 24, 2008 in the IPO or in the market, under the federal securities laws.
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