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.