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SEC Investigating GT Advanced Technologies

10PX. Patently Xtra
Bloomberg is reporting this afternoon that GT Advanced Technologies is cooperating with the U.S. Securities and Exchange Commission's inquiry into the company. The SEC is seeking information about trading activity and the company's sapphire glass business, Merrimack, New Hampshire-based GT Advanced said in a filing today.

 

GT Advanced, a maker of synthetic sapphire used for strengthened screens on mobile devices, sought bankruptcy court protection on Oct. 6, without giving specific reasons. Later that month, GT Advanced sought court permission to shut down its synthetic-sapphire operations, citing terms of a contract with Apple that it called "oppressive" and "burdensome."

 

The other twist of course may unravel tomorrow when the records of the deal are unsealed tomorrow. Last week the U.S. Bankruptcy Judge Henry Boroff put the deal in peril saying that such secrecy Apple was seeking was unnecessary. At the same time, Apple and GT Advanced said they had revised the terms of their settlement to make sealing unnecessary. You could read all about the revised deal here. We'll know tomorrow if the Judge goes along with that position. 

 

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