GTAT CEO Thomas Gutierrez sold these shares at an average price of $17.38 on September 8. When Apple announced the news the next day, GTAT's stock price fell 13% to close at $14.94.
On October 6, GTAT filed for bankruptcy protection, and its stock price plummeted 93% to $0.80.
Before the release of Apple’s iPhone, GTAT’s stock price had doubled in the past 12 months, mainly because of optimism that Apple would use sapphire screens.
GTAT stated in regulatory filings that Gutierrez’s stock selling plan had been arranged on March 14, 2014, but there was no obvious pattern to his selling behavior.
In May, June and July of this year, Gutierrez chose to sell stocks in the first three days of the month, but in September, he waited until September 8 to sell stocks, two days before he had just obtained the 15,902 shares that were previously restricted from sale (he gave up 6,670 of them to pay taxes).
Gutierrez did not sell any GTAT shares in 2013. He has sold a total of 700,000 shares since February this year, worth more than 10 million US dollars (equivalent to approximately 61.39 million yuan).
A GTAT spokesman has not yet responded.
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