November 6, 2014 / 7:58 PM / in 3 years

GT Advanced says SEC seeking information on stock trading

(Reuters) - GT Advanced Technology Inc said the U.S. Securities and Exchange Commission has sought information from the company regarding trading of its shares dating back to January 2013.

The SEC, in a letter dated Oct. 15, also asked for information on the company’s sapphire business and a share offering, GT Advanced said.

The former supplier to Apple Inc filed for bankruptcy on Oct 6, decimating its market value and triggering speculation over what may have soured its relationship with the iPhone maker.

GT Advanced’s shares surged from about $3 in January 2013 to a peak of $19.77 in July 2014 as investors bet on the company’s association with Apple.

The stock started tumbling after it emerged that the company’s scratch-resistant sapphire glass had been left out of Apple’s new large-screen iPhones.

Apple said in October that GT Advanced’s “ambitious” vision of sapphire manufacturing was ultimately not quite ready for primetime.

After the bankruptcy, GT Advanced’s shares dropped to a low of 30 cents. They were trading at 55 cents in over the counter trading on Thursday.

A GT Advanced spokeswoman declined to comment on the SEC investigation on Thursday.

Reporting by Sneha Banerjee in Bangalore; Editing by Saumyadeb Chakrabarty

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