The US Securities and Exchange Commission accused GT Advanced Technologies and its head of fraud. The story dates back to 2013, when Apple announced the construction of a new plant in Arizona. GT Advanced Technologies, which borrowed $ 578 million, was to be engaged in the implementation of the project: it was planned to produce sapphire protective glasses for Apple mobile technology, in particular for the iPhone 6.
However, GTAT in 2014 did not cope with the commitments on mass production of material that is considered difficult to process. Later, Apple showed for what reasons it could not use the products of the former partner. The latter, in turn, was eventually forced to file for bankruptcy.
However, the management of the company hid problems until the last, reporting to investors that “things are going perfectly well”, although they were aware of the coming collapse. GTAT, it is worth noting, vinyl in all Apple, which “framed” partner. However, the SEC commission does not think so: Apple did not violate the contract, in contrast to GTAT, which is not capable of adjusting the supply of the necessary volumes of sapphire coatings.
The head of GT Advanced Technologies now has to pay $ 140 thousand, which is $ 20 thousand less than the amount he received for selling the company’s shares – he got rid of them shortly before declaring bankruptcy. Will there be other sanctions not specified.