GT Solar Settles IPO Securities Fraud Class Action Lawsuits.
A class action settlement has been reached with GT Solar International, Inc. (“GT Solar”), a silicon crystalline growth systems specialist, to settle two class action lawsuits filed against GT Solar (Nasdaq Symbol: SOLR) alleging, among other things, that GT Solar made false and misleading statements and failed to disclose material information in certain SEC filings, including that GT Solar’s largest customer LDK Solar was planning to secure furnace technology from a competitor in China, JYP Corp., according to a GT Solar securities fraud class action lawsuit settlement news report.
The GT Solar IPO securities fraud class action lawsuit settlement reportedly provides that GT Solar has agreed to pay $10.5 million to settle the IPO securities fraud class action litigation, $9.5 million of which is reportedly being covered by GT Solar’s insurers.
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