GT Advanced Technologies, the company Apple currently relies on for sapphire in its iOS devices, filed for Chapter 11 bankruptcy yesterday. The filing came just a few weeks after Apple announced its new iPhones on September 9—both the iPhone 6 and 6 Plus were widely expected to use sapphire instead of glass to protect their screens from scratches. This didn't happen, though, and it sent GT's stock price sliding downward even before yesterday's bankruptcy filing pushed it off a cliff.

Now The Wall Street Journal reports that GT CEO Thomas Gutierrez has sold over $10 million in stock since February of 2014, including 9,000 shares worth about $160,000 on September 8. This was one day before the iPhone announcement. The stock closed at $17.15 on the 8th, but had fallen to $12.78 on the 10th following Apple's event.

A GT filing says that the stock sale was merely coincidental, and that the stocks were being sold according to a schedule set in March of 2014. The WSJ reports "no obvious pattern to his sales."

GT's stock price had been rising for months before the iPhone announcement, likely attributable at least in part to the sapphire screen rumors. Apple still uses smaller pieces of sapphire in iOS devices to protect their camera lenses and TouchID buttons, though these parts won't generate the revenue that larger slabs of material would have. GT intends to stay in business and will use the bankruptcy protection as an opportunity to reorganize its business.