Apple Sapphire Glass Supplier Charged With Fraud

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In 2014 Apple loaned US$578 million to GT Advanced Technologies to create sapphire glass displays. Now the Securities and Exchange Commission (SEC) revealed the supplier is being charged with fraud for allegedly withholding key information from stockholders.

“GT and its CEO painted a rosy picture of the company’s performance and ability to obtain funding that was paramount to GT’s survival while they were aware of information that would have catastrophic consequences for the company,” said the Anita B. Bandy from the SEC’s enforcement division.

Tim Cook, Luca Maestri Sued For Alleged Securities Fraud

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The City of Roseville employee’s retirement fund is suing Apple over alleged securities fraud. Tim Cook and Luca Maestri are listed as defendants.

Specifically, the lawsuit claims that Apple was not initially forthcoming about a drop in demand for the iPhone due to poor sales in China and the 2018 battery replacement program, both of which contributed to lower than expected iPhone sales in the first fiscal quarter of 2019.