SEC investigating suspicious buying and selling exercise of GT Superior shares
The partnership between Apple and GTAT reportedly centered on manufacturing sapphire shows for the iPhone 6. Manufacturing and high quality management issues, nevertheless, triggered GTAT to overlook numerous operational and technical benchmarks imposed by Apple. Notably, lately filed courtroom paperwork have indicated that these issues might have began all the best way again in February.
Curiously, GTAT COO Daniel Squiller bought 33% of his GTAT shares within the months previous the iPhone 6 unveiling. In the meantime, GTAT CEO Thomas Guiterrez bought $one hundred sixty,000 value of GTAT shares simply in the future earlier than the iPhone 6 unveiling.
With shares of GTAT dropping by over ninety% within the wake of the corporate submitting for chapter, it is solely pure that questions of impropriety have been raised.
A lately filed Type eight-Okay from GT Superior reads partially:
On October 15, 2014, the Securities and Trade Fee (the “SEC”) despatched a letter to the Firm noting that it was conducting an inquiry into issues involving the Firm (the “SEC Inquiry”). The SEC is in search of sure info relating to buying and selling exercise within the Firm’s securities, in addition to the Firm’s sapphire enterprise and securities providing going again to January 1, 2013, and requesting the preservation and manufacturing of paperwork. The Firm is absolutely cooperating with the SEC.