US Securities and Exchange Commission Ended the GT Advanced Technologies and the former CEO Thomas Tierez fraud, accusing them to deceive investors about its ability to supply sapphires for iPhone.
The US Securities and Exchange Commission said that because of multiple milestones, GT also categorizes more than $ 300 million in debt to Apple. GT and Gu TRRs have agreed to the survey of the US Securities Exchange Commission, mainly to avoid punishment other than stopping order. Gu Tieres will have to pay more than $ 140,000 a fine. Anita Bandy, a deputy director of the US Securities and Exchange Commission.
u0026 ldquo; GT and its CEOs depict the company’s performance and the ability to obtain funds, these funds are critical to GT’s survival, while they understand information that may bring catastrophic consequences to the company. u0026 rdquo;
In the fall of 2013, Apple agreed to introduce $ 578 million to GT and delivered four times. In April 2014, GT still could not reach the performance standard of Apple, resulting in deducting $ 139 million, and can choose to speed up $ 3006 million. US Securities Exchange Commission claims that
GT then accused Apple violates its partial agreements to get rid of milestones, avoiding debt as current debt. In the subsequent financial conference, Gutierrez said GT is expected to complete the deadline before October 2014 and obtain the fourth batch of Apple. The CEO also exaggerated sales forecast, but in just two months, GT will apply for bankruptcy. It reached a consecutive and Apple before November 2015 with debt of $ 430 million.
.Gt has been banned, but no longer listed in the stock market. A joint plant in Mesa, Arizona is later reused for Apple data centers.