GT Advanced Technologies COO Daniel Squiller sold nearly $US2 million in company stock before the firm filed Chapter 11 bankruptcy last week, according to The Wall Street Journal’s Diasuke Wakabayashi.
GTAT is Apple’s sapphire display supplier, which it plans to use on the Apple Watch.
Last week, The Wall Street Journal reported that GTAT’s CEO sold a large amount of stock before Apple announced it would not be using sapphire on the iPhone 6 (except on the camera).
Squiller unloaded roughly $US1.2 million in shares last May and has sold $US750,000 in shares since then.
While it’s unclear what motivated Squiller to divest so much of his own firm’s stock, it is possible that he anticipated the company’s inability to meet the metric goals laid out in GTAT’s Apple partnership.
GTAT was supposed to receive $US578 million from Apple over the course of four payments, but the last payment never arrived, according to the WSJ.
What few shares Squiller has held onto aren’t worth much anymore. GTAT was trading around $US0.41 per share on Tuesday.