Close ad

When it's Apple started working with GT Adv in 2013anced Technologies, it looked like the new iPhones would get sapphire glass, which the company was targeting. It is extremely scratch-resistant, so the display should not show any signs of wear even after months of use, which would certainly please many users. However, the supplier did not fulfill its obligations, and is now facing a lawsuit for fraud.

Apple he fulfilled the conditions, yet he did not receive the sapphire glasses

The agreement between the two companies stipulated that Apple provided by GT Advanced Technologies $578 million (over CZK 12,1 billion) in four installments in exchange for sapphire glass supplies. The Arizona factory was supposed to produce so-called synthetic sapphire crystals that would be cut into extremely thin sheets covering the iPhone 6 screen instead of the current Gorilla Glass. However, GT filed for bankruptcy just a few months after the start of mass production.

That's it AppOf course, the company didn't like it, but it seemed like there was nothing it could do about the situation. However, Thomas Gutierrez, the former CEO of GT, was recently hit by the SEC (Securities and Exchange Commission in the US) for deliberately concealing the company's insufficient production capacity and presenting investors with AppThe former director of GT allegedly "painted a rosy picture" about the company's ability to ensure production. The order was intended to obtain funds that were absolutely crucial for GT, of which the director was well aware.

Anita B. Bandy of the commission said they would continue to hold former executives accountable for violating their basic duty to provide investors with complete and truthful information. Gutierrez then made matters worse by saying he expected a final payment from Applu until October 2014. GT Adv's current debtanced Technologies to Applu is over 300 million dollars, i.e. almost 7 billion CZK.

According to the former director, he is responsible for the situation Apple

The GT management at the time told the situation that Apple breached the terms set out in the contract, and the contract was therefore still void. However, the SEC stated that Apple did not take any steps that would bring GT Advanced Technologies into bankruptcy, and that it strictly adhered to the agreed terms. Given that the manufacturer GT was unable to ensure the agreed supply of sapphire glass, the SEC was right that Apple withheld the last installment (which, however, was not supposed to affect the production of glasses).

Expectations were really high, GT Advanced Technologies was to become the majority supplier Applu in the field of glass (for the display and back). The company allegedly managed to produce artificial sapphire glass significantly cheaper than others; but as it turned out, the reality was different. Apple so it continues to use Gorilla Glass from the Kentucky company Corning for its devices.

We'll see how the GT situation develops in the coming months. According to available SEC statements, the company's name cannot be expected to be cleared in any way.

Apple Store FB logo

Today's most read

.