GT Advanced COO sold $2 million in stock after sapphire deal with Apple began to sour

“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.

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21 Comments

    1. 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.

  1. 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.

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