GTAT settles with SEC on investigation into 2014 bankruptcy

Privately held GT Advanced Technologies Inc, the parent company of GTAT Corp of Hudson, NH, USA (which produces crystal growth equipment for the solar, power electronics and optoelectronics industries as well as sapphire material for precision optics and other specialty industries) has entered into a settlement agreement with the US Securities and Exchange Commission (SEC) relating to an investigation into events leading up to the firm’s bankruptcy filing in 2014.

The firm says it welcomes the conclusion of the matter, which allows it to focus its efforts on its ongoing business. “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,” says Michèle Rayos, who became VP & chief financial officer in November 2017. “We have implemented and continue to review our internal controls to ensure best practices in this area,” he adds.

“We are pleased to have the investigation behind us, allowing us to focus all our efforts into expanding the availability and use of silicon carbide and sapphire into current and future markets,” states Greg Knight, who became president & CEO in September 2016 after its emergence from bankruptcy earlier that year. “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.”

GT Advanced Technologies Inc’s shareholders are private equity firms and financial institutions, most of which were former creditors in the bankruptcy.

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