“When the iPhone supplier Imagination Technologies Group Plc announced in April that Apple Inc. would no longer be using its graphics technology, investors in the small U.K. company were shocked. The graphics provider’s stock collapsed more than 60 percent,” Adam Satariano reports for Bloomberg. “But while investors were caught off guard by the move, Apple said Imagination had known for nearly two years that it was winding down the relationship.”

“Apple first informed Imagination in late 2015 that it would no longer be buying the U.K. company’s latest technology, Apple said in a statement to Bloomberg,” Satariano reports. “It continued using its older systems.”

“Imagination’s shares fell as much as 8 percent in London trading. The company said it disclosed the change of its relationship with Apple on April 3 ‘when it had sufficient clarity on Apple’s position,'” Satariano reports. “The timing of Imagination’s disclosure about losing Apple’s business will ‘almost certainly’ be reviewed by government regulators, said Tim Aron, a barrister who specializes in financial law and previously worked for the U.K.’s Financial Conduct Authority.”

“Imagination has questioned whether Apple can develop new graphics technology without using its intellectual property,” Satariano reports. “Responding to the allegations, Apple said it’s been using less and less of Imagination’s technology in recent years and that the supplier would have no way of knowing how its future products are designed.”

MacDailyNews Take: Imagination. We lack it.™

Read more in the full article here.

MacDailyNews Take: Ah, it’s impossible to look away from the slowmotion train wreck that is Imagination Technologies.

SEE ALSO:
Imagination Technologies attacks Apple’s homegrown GPU plans – July 5, 2017
Former Apple supplier Imagination Technologies puts itself up for sale – June 22, 2017
Imagination Technology starts dispute process with Apple – May 4, 2017
UBS: Imagination likely to see Apple royalties slashed, then cease altogether – April 19, 2017
It’s getting even tougher to be an Apple supplier – April 19, 2017
Without Apple, Imagination Technologies’ PowerVR has no future – April 10, 2017
Apple steps up homegrown GPU plans with London hiring spree – April 9, 2017
Why Apple’s ditching of Imagination is critical for the future of the iPhone – and maybe even the Mac – April 5, 2017
Apple aims for more control, less cost as it accelerates in chip design – April 5, 2017
Apple could look to buy Imagination Technologies after ditching the chip firm, share price plunge – April 4, 2017
Imagination Technologies’ shares collapse after Apple dumps UK chip designer – April 3, 2017
Apple nabs top talent from iPhone 7 GPU chipmaker Imagination Technologies – October 13, 2016
After failed takeover talks with Apple, Imagination Technologies sells stake to state-owned Chinese company – May 9, 2016
Apple in ‘advanced talks’ to acquire Imagination Technologies for PowerVR GPU – March 22, 2016