Apple sapphire glass supplier GTAT was SEC investigation

Beijing time on November 7 morning news, Apple is seeking bankruptcy protection sapphire glass supplier GTAT (GT Advanced Technologies) on Thursday said the company is working with the company to investigate the US Securities and Exchange Commission (SEC) to cooperate.

GTAT on Thursday submitted to the US Securities and Exchange Commission filing that the Commission is asking for information about the company's stock trading activities, as well as the company's sapphire glass business.

Provide sapphire glass screen to mobile devices GTAT, October 6 this year, made an application to the bankruptcy court protection, the company did this in detail. Late last month, GTAT seek court approval of the company closed its synthetic sapphire business, said the company signed a cooperation agreement with Apple, "unbearable" and "heavy burden."

GTAT and Apple reached an agreement in November last year, Apple's $ 578 million to provide financial support to GTAT, so that the latter helps its production sapphire glass. But in September of this year released the new iPhone is still in use Corning's Gorilla Glass, did not use GTAT sapphire glass.

According to the agreement reached GTAT with Apple subsequently, if obtaining court approval, GTAT will be exempt signed an exclusive agreement with Apple, GTAT will also be able to control the company's sapphire manufacturing patents, as well as sales and ownership at Mesa, Arizona manufacturing plant .

Up to now, the US Securities and Exchange Commission spokesman Judith Burns (Judith Burns) declined to comment for this story.

Solutions

Under the settlement agreement previously signed with Apple GTAT, GTAT sapphire material will be out of production in favor of providing the production of sapphire crystal devices. In addition, GTAT will close in Arizona and Massachusetts Salem Mesa sapphire material manufacturing plant. GTAT will release all exclusive agreement with Apple, and Apple paid $ 439 million refund of advance payment, but without having to pay interest. Apple will drop all charges against GTAT, including the company's total of more than 1 billion US dollars in claims.

The agreement was reached with Apple GTAT, the two sides signed a confidentiality agreement. However, the presiding judge of the bankruptcy on Tuesday ruled that the unblocking of sensitive documents involving GTAT with Apple information. The judge found that there is no reason these documents kept secret, and therefore repeal a confidentiality agreement signed by Apple and GTAT. Before this ruling announced, GTAT had requested archive of sensitive documents to avoid being sued Apple.

Up to now, GTAT spokesman Jeff Levin pumping - Pat (Jeff Nestel-Patt) declined to comment for this story.


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