Juli Clover, Macrumors:
Shortly after GT Advanced missed its February payment, the company’s CEO, Thomas Gutierrez and its Chief Operating Officer, Daniel Squiller, set plans in motion to begin selling off stock. While the timing of their subsequent sales was subject to the schedules laid out in their trading plans, it is clear those plans were established after GT began having difficulties meeting its milestones.
Gutierrez set up a pre-arranged Rule 10b5-1 sale in March, which saw him selling more than 9,000 shares of GT Advanced stock on September 8, a day ahead of Apple’s iPhone announcement. Gutierrez also sold off stock throughout the year, netting more than $10 million before stock prices faltered after it became clear Apple was not using sapphire in the iPhone 6 and 6 Plus.
Totally idle speculation on my part, but with tactics like these, I wonder if GT Advanced was juicing the rumour mill too. From the outside, this was a surprise, given GT’s well-known relationship with Apple. From the inside, though, it’s now becoming clear that the whole venture has been shaky for much of the past year.