Sapphire company CEO sold $160,000 in stock days before iPhone 6 reveal

Source: arstechnica.com --- Tuesday, October 07, 2014 GT's stock rode high on the iPhone rumors for months, but it dropped when the new iPhones launched without sapphire and fell down a hole when it announced the bankruptcy filing. GT Advanced Technologies, the company Apple currently relies on for sapphire in its iOS devices, filed for Chapter 11 bankruptcy yesterday . The filing came just a few weeks after Apple announced its new iPhones on September 10—both the iPhone 6 and 6 Plus were widely expected to use sapphire instead of glass to protect their screens from scratches. This didn't happen, though, and it sent GT's stock price sliding downward even before yesterday's bankruptcy filing pushed it off a cliff. Now The W all Street Journal reports that GT CEO Thomas Gutierrez has sold over $10 million in stock since February of 2014, including 9,000 shares worth about $160,000 on September 8. This was two days before the iPhone announcement. The stock closed at $17.15 on the 8th, but had fallen to $12.78 on the 10th following Apple's event. A GT filing says that the stock sale was merely coincidental, and that the stocks were being sold according to a schedule set in March of 2014. The WSJ reports "no obvious pattern to his sales." Read 1 remaining paragraphs | Comments ...

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