GTAT Trustee Sues Ex-CEO Over Ruinous Apple Deal

Law360, New York (April 19, 2017, 8:58 PM EDT) -- The litigation trustee for the former GT Advanced Technologies Inc. sued two former leaders of the materials supplier on Wednesday in connection with a massive screen-making deal with Apple that allegedly bankrupted GTAT.

Eugene Davis, the trustee in charge of litigation fallout from GTAT's bankruptcy, sued former CEO Thomas Gutierrez and former Chief Operating Officer Daniel Squiller over their roles in committing the company to an extremely demanding Apple contract — and their subsequent alleged cashout when GTAT's stock bounced on news of the deal.

In October 2013, the company entered into a $578 million contract with Apple; when it could...

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