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Execs at Apple sapphire supplier sold US$10 million worth of stock before bankruptcy

Gregg Keizer | Oct. 17, 2014
Five GT Advanced Technologies' executives cashed in over a five-month stretch

Keck, meanwhile, sold more than 61,000 shares for a total of almost $927,000 on Aug. 7. Like Ford, Keck had no Rule 10b5-1 Plan in place.

Of the seven executives listed on GT's management team page, only two -- CFO Raja Bal and CTO P.S. Raghavan -- sold no shares.

The timing of the executive stock sales has come under scrutiny because of various warning signs that the company's deal with Apple -- which pre-paid GT $578 million in several installments for the sapphire material, that money to be spent on equipment to fill a Mesa, Ariz. factory -- was not going according to plan.

According to other SEC filings by GT, Apple's third payment of $103 million was due to GT in February, but was not paid until April, while the final installment of $139 million, which was originally due in April, was postponed. In an August 7 conference call with Wall Street, GT said it expected the payment by the end of October.

 

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