
GT Advanced, Apple’s failed sapphire crystal supplier, is facing a SEC investigation into share trading as the company neared bankruptcy, reports Bloomberg.
The Wall Street Journal uncovered earlier last month that GT Advanced executives had sold shares, cashing in tens of millions of dollars before the Apple supplier filed for bankruptcy on October 6. The most notable sale is that initiated by the company CEO a day before the Apple event, when GT Advanced stock prices reached an all-time high . . . The following day the supplier saw its stock price fall as Apple decided not to use the scratch-resistant sapphire and to use the well-known Gorilla Glass instead.
The SEC inquiry will have these sales in focus and could reveal what GTA executives knew as they sold shares while the company struggled to meet the deadlines imposed by the contract with Apple.
Much has happened since the Apple supplier filed for Chapter 11 bankruptcy last month, but the “burdensome” terms of the contract remain hidden from the public. This is about to change, as today those terms will be revealed, as the two parties have reached a settlement that will free GT Advanced from exclusivity agreements with Apple.
Other articles in the category: News
Microsoft OpenAI Event: ChatGPT-Powered Bing Search and More Coming
[caption id="attachment_390033" align="aligncenter" width="960"] Image: Microsoft[/caption] Microsoft on Tuesday held an in-person event in Seattle, Washington, where the company announced a number of new AI-centric innovations coming soon to its products (via The Verge). The highlight of the event was Microsoft unveiling "the new Bing," powered by a new next-generation large language model under a...
Surprise! Nintendo Direct Livestream Coming February 8 [VIDEO]
Nintendo announced on Tuesday morning its next Nintendo Direct is slated for Wednesday, February 8 at 2pm PT/5pm ET. The surprise announcement means tomorrow’s livestream will showcase the next batch of Nintendo Switch games, as seen in previous showings. Nintendo says tomorrow’s Direct livestream will have “roughly 40 minutes of information” on Nintendo Switch titles […]
Quora’s Poe AI Chatbot Launches First on iPhone and iPad
Quora has just opened public access to its AI chatbot ‘Poe,’ which lets people ask questions, get instant answers, and have back-and-forth conversations. Poe allows users to ask questions from a range of AI chatbots, including those from ChatGPT maker OpenAI, as well as other companies like Anthropic. Quora’s chatbot is currently available on iOS, but...