GTAT CEO Sells out Huge Chunk of Shares Before iPhone 6 Debut

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The CEO of Apple sapphire supplier GT Advanced Technology, which recently filed for bankruptcy protection, might have known financial doom was looming, according to a latest report from Wall Street Journal.

GTAT chief executive Thomas Gutierrez sold 9,000 shares for US $160,000 in the company, a day before Apple announced the new iPhone 6 would not use sapphire screens.

Company shares were sold at an average price of $17.38 on Sept. 8, but lost 13 percent of its value to $14.94 a day later after Apple’s announcement.

The report noted Gutierrez had not sold any shares in 2013, but since February 2014 has sold a total of 700,000 shares amounting to US $10 million.

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