GT Advanced CEO Sold Off Stock Ahead of iPhone 6 Announcement

Source: www.macrumors.com --- Tuesday, October 07, 2014 GT Advanced CEO Thomas Gutierrez sold over 9,000 shares of GT Advanced stock just a day before Apple announced the iPhone 6, reports The Wall Street Journal . The September 8 sale netted him approximately $160,000 at an average price of $17.38, before the company's stock dropped 13 percent to $14.94 on September 9 after it became clear the iPhone 6 and iPhone 6 Plus did not include sapphire screens. Along with the $160,000 he earned on September 8, Gutierrez sold shares on several other occasions throughout 2014, earning him more than 10 million dollars as GT stock rose on rumors that Apple would use its sapphire for the new iPhones. In a filing, GT said Gutierrez's share sale was part of a pre-arranged plan put in place on March 14, 2014. But there was no obvious pattern to his sales. In May, June and July, Gutierrez sold shares within the first three days of the month. But then he didn't sell additional shares until Sept. 8, two days after he received 15,902 previously restricted shares. (Gutierrez forfeited the remaining 6,670 shares to cover tax obligations.) GT Advanced filed for Chapter 11 bankruptcy protection on Monday, promising to continue operations as it goes through a transitional phase to reorganize its business. "Today's filing does not mean we are going out of business," said Gutierrez. "Rather, it provides us with the opportunity to continue to execute our business plan on stronger footing, maintain operations of ...

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