HUDSON, N.H., May 03, 2019 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc., the parent of GTAT Corporation (collectively, “Company”), has entered into a settlement agreement with the Securities and Exchange Commission (“SEC”) relating to an investigation into events leading up to the Company’s bankruptcy filing in 2014. The Company welcomes the conclusion of this matter which allows it to focus its efforts on its ongoing business.
Michèle Rayos, who became the Company’s Vice President and Chief Financial Officer in November of 2017, said that “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 Chief Executive Officer in September of 2016 after its emergence from bankruptcy earlier that year, stated that “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. 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.”
GT Advanced Technologies Inc. is a privately held company. Its current shareholders are private equity firms and financial institutions, most of which were former creditors in the bankruptcy.
About GTAT Corporation
GTAT Corporation is a diversified technology company producing advanced materials and innovative crystal growth technology across a diversified set of global markets. For more information about the company, please visit www.gtat.com.