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GT Advanced Technologies is filing for bankruptcy.

By Ilene
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Here's an expensive surprise for shareholders of GTAT.

Apple Sapphire Glass Supplier GT Advanced Files For Bankruptcy, Stock Falls 90%

GT Advanced Technologies is filing for bankruptcy. 

In an announcement on Monday, GT Advanced, which makes sapphire displays that many investors hoped would be in Apple's newest iPhone, said it was filing for Chapter 11 bankruptcy. 

Ahead of the announcement, shares of GT Advanced were halted for trade. 

After re-opening on Monday, shares of GT Advanced were down more than 90% to $1.06. 

Ahead of the announcement, GT Advanced had a market cap of about $1.5 billion, and after the collapse in the share price on Monday this had fallen to about $175 million. 

Here's a chart of the past year of trading in GT Advanced.

GT 1

Google Finance

Keep reading: GT Advanced Files For Bankruptcy – Business Insider.

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