Apple sapphire supplier GT Advanced Technologies’ woes continue today with the announcement that it will not appeal the suspension of its stock on the NASDAQ stock exchange. As part of this decision, the company’s stock is no longer being traded on the NASDAQ stock market effective today, October 16. This removal was expected and is the result of the company’s recent Chapter 11 bankruptcy.
GT Advanced Technologies Inc. today announced that it will not pursue an appeal of the determination by The NASDAQ Stock Market LLC („NASDAQ“) to suspend trading in the Company’s common stock based on the Company’s voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code. The Company has been informed that NASDAQ will suspend trading in the Company’s common stock effective at the opening of the market on October 16, 2014.
GT’s stock plummeted 90 percent following its bankruptcy announcement earlier this month, and has continued to fall since then, closing at just 44 cents per share yesterday. The stock will continue to trade under the symbol GTATQ on the OTC Pink marketplace.
As part of the original deal, Apple made three loan payments to GT totaling $440 million and said it was working with GT to help overcome technical challenges to qualify for the fourth and final prepayment loan of $139 million. Apple also appeared set to delay scheduled repayments on the debt. But under the weight of difficulties that began at least as early as February, GT found itself unable to carry on its business operations and filed for bankruptcy with plans to shut down its sapphire production facilities.
Back in 2008, Mirror Worlds LLC accused Apple of patent infringement for its Cover Flow, Spotlight, and Time Machine technologies. While the initial jury ruled against Apple and levied a fine of $625.5 million, a later appeal in federal court saw the ruling reversed.
Following further appeal by Mirror Worlds, the dispute made it to the Supreme Court, which today left the federal judgement in place after refusing to hear the case, reports Bloomberg.
Прочетете повечеApple Inc. (AAPL)’s victory in a patent-infringement case was left intact as the U.S. Supreme Court rebuffed a Texas company’s effort to revive a $208.5 million verdict against the computer maker.
The high court declined to hear a case in which closely held Mirror Worlds LLC said an appeals court erred in ruling that Apple didn’t infringe a software patent for a way to index and file documents. Mirror Worlds was co-founded by Yale University computer-science Professor David Gelernter.