“GT CEO Thomas Gutierrez sold the shares Sept. 8 at an average price of $17.38,” Wakabayashi reports. “The next day, after Apple’s announcement, GT shares fell 13% to $14.94. Monday, GT filed for bankruptcy protection, sending its shares down 93% to 80 cents.”
“In a filing, GT said Gutierrez’s share sale was part of a pre-arranged plan put in place on March 14, 2014. But there was no obvious pattern to his sales,” Wakabayashi reports. “Gutierrez didn’t sell any shares in 2013. This year, he’s sold nearly 700,000 shares since February, valued at more than $10 million.”
Read more in the full article here.
MacDailyNews Take: Of course, at the very same event, Apple did unveil Apple Watch and Apple Watch Edition, both of which feature sapphire crystal displays.
(Apple Watch Sport, the model where weight is most important, instead features a lightweight strengthened Ion-X glass display.)
Law firms launch investigations into possible violations of federal securities laws by GT Advanced – October 7, 2014
Analyst: Apple may take possession of sapphire furnaces from GT Advanced – October 7, 2014
Apple to provide debtor in possession financing to GT Advanced? – October 7, 2014
Investors stunned over GT Advanced bankruptcy filing – October 7, 2014
GT Advanced files for chapter 11 bankruptcy court protection – October 6, 2014
Apple and GT Advanced rampup sapphire production in Mesa – August 11, 2014
GT Advanced expects sales of sapphire production tools to boost profit; shares surge – August 5, 2014
Apple and GT Advanced open second sapphire plant in Salem, Massachusetts – June 19, 2014
Apple patents method for embedding sapphire displays in LiquidMetal device chassis – May 27, 2014