GT Advanced Says SEC Opens Probe Into Trading Activity In Securities

(RTTNews) - GT Advanced Technologies Inc. (GTAT) said in a regulatory filing on Thursday that the Securities and Exchange Commission is conducting an inquiry into certain matters involving the company. GT said it is fully cooperating with the SEC.

The SEC is seeking some information regarding trading activity in the company's securities, as well as the company's sapphire business and securities offering going back to January 1, 2013, and requesting the preservation and production of documents.

The company, which was making synthetic sapphire crystals for mobile phones, last month filed for bankruptcy after Apple Inc. (AAPL) unveiled its latest iPhone with glass screens.

On October 23, GT said it reached a settlement agreement with Apple under which GT would wind down its sapphire materials production in the company's Mesa, AZ and Salem, MA locations.

The company also indicated that it would exit from the market as a producer of sapphire materials and would refocus its business as an equipment supplier, manufacturing and developing sapphire growth systems and processes.