SEC charges Apple’s failed sapphire supplier of misleading investors

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GT Advanced
The back entrance GT Advanced's old sapphire plant in Mesa, Arizona.
Photo: Buster Hein/Cult of Mac

GT Advanced Technologies, the company that was supposed to make sapphire screens for the iPhone early this decade, has been charged with misleading investors by the SEC.

The SEC’s investigation found that GT and its CEO violated antifraud provisions of the federal securities laws as part of its deal to supply Apple with sapphire. After failing to meet certain performance requirements, GT caused “significant investor harm” by reclassifying over $300 million in debt to Apple. Sadly, the company’s punishment is pretty much just a slap on the wrist.

Fired Apple lawyer released on $500,000 bond

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Apple sign
Gene Levoff is accused of insider trading while at Apple.
Photo: Milo Kahney/Cult of Mac

Gene Levoff, former senior director of corporate law and corporate secretary at Apple, has been released on a $500,000 bond after pleading not guilty to charges of insider trading.

Levoff, who formerly prevented Apple employees from insider trading, is accused of using nonpublic information to buy and sell tens of millions of dollars’ worth of Apple stock. He was fired by Apple last September, two months after being placed on leave.

SEC charges ex-Apple lawyer with insider trading

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Apple is worth more than the entire US energy sector combined
Former Apple lawyer Gene Levoff used confidential Apple earnings data to make millions.
Photo: Ste Smith/Cult of Mac

Apple’s former lawyer who was in charge of preventing employees from insider trading has been charged with insider trading himself.

The Securities and Exchange Commission accuses Gene Levoff, former senior director of corporate law and corporate secretary at Apple, of using inside information to buy and sell tens of millions of dollars worth of Apple shares in order to make a profit or avoid losses.

Feds have questions about iPhone throttling. Apple has answers.

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iphone battery
Apple will replace your battery for just $29.
Photo: iFixit

Apple says it is cooperating with U.S. government agencies investigating the company’s decision to throttle CPU speeds on iPhones with older batteries.

The official statement from Apple this morning comes a day after news broke that the Department of Justice and the Securities and Exchange Commission are investigating whether Apple broke any securities laws.

Apple faces DoJ probe over throttled iPhones

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iphone battery
$29 for a battery replacement isn't too bad.
Photo: iFixit

Investigators at the U.S. Department of Justice and the Securities and Exchange Commission are looking into whether or not Apple violated securities laws when it disclosed that it throttles CPU speeds on some iPhones.

Apple revealed at the beginning of the year that it intentionally lowers the speed on iPhones with older batteries to prevent unwanted crashes. Customers in numerous counties have filed lawsuits against the iPhone maker. Now it appears that the feds are getting ready to weigh in.

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App Store
Services like the App Store are a huge money maker.
Photo: Ste Smith/Cult of Mac

Apple execs pay dearly for 2016’s failures

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Tim Cook
Apple named in another top tech list.
Photo: Apple

Apple CEO Tim Cook received less pay in 2016 as a result of the company missing revenue and profit goals.

In a new filing with the SEC, Apple revealed that other top executives also got less compensation for 2016 as well. Cook only took home $8.7 million last year after being paid $10.2 million in in 2015.

Apple revs up R&D spending amid iCar rumors

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Apple Car might be coming, but will it be special?
Apple Car might be coming, but will it be special?
Image: Aristomenis Tsirbas/Freelancer

Apple may have reached peak iPhone this quarter after posting declining revenues for the first time since 2003, but rest assured the company is working on the next big thing. 

Tim Cook boasted about the amazingly innovative products coming down Apple’s pipeline, and the company’s latest spending figures show its throwing more money than ever at new ideas. 

Investors think Apple isn’t greening quickly enough

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Apple Campus 2 will be one of the 'greenest' buildings in Silicon Valley.
Apple Campus 2 will be one of the "greenest" buildings in Silicon Valley.
Photo: Apple

Apple is known as one of the most environmentally conscious companies in the world, but some shareholders think the company needs to to a lot more if it hopes to meet the aggressive goals set by the Paris Agreement last year.

Boston-based investment firm Jantz Management has filed a resolution for Apple shareholders that would request that the Board of Directors reveal on plan to shareholders by June 2016 on how Apple plans to reach net-zero greenhouse gas emission status for its facilities and major suppliers by 2030.