GTAT settles with SEC
Crystal growth company to focus on expanding availability and use of SiC and sapphire
GT Advanced Technologies, the parent of the materials and crystal growth firm GTAT Corporation, has entered into a settlement agreement with the US Securities and Exchange Commission relating to an investigation into events leading up to the GTAT’s bankruptcy filing in 2014.
The New Hampshire company collapsed into chapter 11 in 2016 after a venture to mass-produce superhard sapphire for Apple's iPhone screens fell apart, wiping out hundreds of millions of dollars in market value.
Michèle Rayos, who became the company’s VP and CFO in November of 2017, said: “The company is committed to operating its business with the upmost integrity and in compliance with all applicable laws and regulations including those relating to record keeping and financial reporting. We have implemented and continue to review our internal controls to ensure best practices in this area.”
Greg Knight, who became the company’s president and CEO in September of 2016 after its emergence from bankruptcy, stated: “We are pleased to have the investigation behind us, allowing us to focus all our efforts into expanding the availability and use of SiC and sapphire into current and future markets. Our technical expertise in crystal growth technologies enables us to be a game changer in advanced materials and we are dedicated to continually improving our products while exploring new opportunities. We believe that we will make a difference in the markets that we serve.”