“An executive from bankrupt Apple supplier GT Advanced Technologies [GTAT] who oversaw its troubled sapphire production facility set up a plan to sell part of his shareholdings after the company failed to meet Apple’s technical milestones on time,” Daisuke Wakabayashi reports for The Wall Street Journal.
“Daniel Squiller, GT Advanced Technologies’ chief operating officer and the point man at the Mesa, Ariz. sapphire plant it opened in partnership with Apple, sold $1.2 million of stock in May and set up a plan under which he sold another $750,000 of shares over ensuing months before the company filed for bankruptcy on Oct. 6, according to filings,” Wakabayashi reports. “Squiller’s sales came after initial signs of trouble at GT’s sapphire plant.”
“Squiller, whom GT transferred from its Hong Kong office to oversee the Mesa facility, sold 116,000 GT shares at prices ranging from $15.88 to $20.08 per share,” Wakabayashi reports. “He retains 232,735 shares stake in GT, which have lost nearly all their value since the bankruptcy filing. GT shares traded at 43 cents Tuesday.”
Read more in the full article here.
GT Advanced CEO sold 9,000 shares the day before Apple’s iPhone 6/Plus event – October 7, 2014
Apple wants to file secret objection to GT Advanced motion – October 14, 2014
U.S. Trustee and state of New Hampshire: GT Advanced must reveal bankruptcy cause – October 14, 2014
GT Advanced suggests it could sue Apple – October 10, 2014
GT Advanced blames ‘oppressive and burdensome’ Apple terms in quest to ax sapphire production – October 10, 2014
GT Advanced to request to shut down synthetic sapphire production – October 10, 2014
Shattered sapphire dreams at GT Advanced – October 8, 2014
Apple’s withholding of $139 million payment led to GT Advanced bankruptcy filing – October 7, 2014
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
Sounds like someone is going to get a call real soon from the SEC Enforcement Division.
My opinion figures don’t lie, but liers, well you know.
I agree. Either he has some really awesome timing–which if that were the case his company wouldn’t be bankrupt–or he saw this coming, which makes it illegal.
These guys at GTAT sure seem shady.
Sounds like jail is in his future!
They haven’t put anyone in jail for this type of fraud since Martha Stewart. Name anyone from 2008 global collapse who traded on inside info that went to jail.
To Wealthy To Jail.
Too Wealthy To Jail too! – Where’s my coffee??
… and how do you spell “insider trading”…
does he still have his COO job?
Outright theft from investors. I’m sure he’s also due for a hefty bonus.
I’d have done the same thing.
Gather up the crystal and abandon ship before it sinks.
I hear he ready got an offer to join Henry Blodget at Business Insider
You know the drill:
Lock ’em Up and Throw away the key.
I suspect this entire circus show around the bankruptcy and the “oppressive” terms are an attempt by these two (not yet charged future convicted felons to divert attention from their crimes. Attention amateurs – it will not work. Hope you make some interesting friends doing your well deserved time.
What amazed me was how many institutions owned the stock and that the float was 111 percent of outstanding stock – how does one have more stock sold than is outstanding, leverage – I’m asking I dint know but per yahoo stock thing screen …..
GT Advance CEO Gutierrez has been selling shares himself. Starting to look more and more like Apple got swindled by false promises and maybe outright lies/falsification of production reports and QC …?
Well, the good news is that the steel furnace at some Federal penitentiary will soon get some highly-skilled labor.
Wow. I’m popping more corn for this one. The GT Advanced furnace is heating up big time! I sniff CRIME in the air ~ ~ ~
Cue the evil doppelgänger!
I assume this will be business as usual for our country. Steal $50 from a convenience store, get locked up for 10 years. Steal $2 million from the company you are COO of? Nothing will happen to you.