SEC hits failed Apple sapphire glass manufacturer with fraud charges

TechCrunch | 5/3/2019 | Staff
MonkeyBubble (Posted by) Level 3
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Way back in 2013, Apple spent a whopping $578 million on sapphire glass. The sum, spread out over four installments, was an advance to GT Advanced Technologies. Already in use on the company’s home buttons and camera, the plan was to implement the extremely hard material on a larger scale, replacing Gorilla Glass in the process.

The following year, however, GT exited the business. The company shut down its plants, sold off its furnaces and announced plans to settle its debt. Today, the U.S. Securities and Exchange Commission has hit the New Hampshire-based manufacturer and its former CEO with fraud charges.

Filing - Charges - GT - Investors - Abilities

The filing charges GT of misleading investors over its abilities to manufacture the material, along with misclassifying north of $300 million in debt to Apple. “To avoid recognizing the debt as current,” the SEC writes, “which would have had an immediate impact on its status as a going concern, GT took an unsupported, undisclosed position that Apple had breached part of the agreement, thus releasing GT from its performance...
(Excerpt) Read more at: TechCrunch
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