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Apple disputes Imagination Technologies partnership timeline

Jul. 07, 2017 10:14 AM ETApple Inc. (AAPL) StockAAPL, IGNMFBy: Brandy Betz, SA News Editor25 Comments
  • Apple (NASDAQ:AAPL) disputes claims that a graphics supplier only in learned in March that the iPhone maker was ending the partnership.
  • Imagination Technologies (OTCPK:IGNMF) shares plummeted 60% in April when the company announced Apple would stop using its graphics chips in favor of in-house tech. 
  • Apple tells Bloomberg that Imagination knew back in 2015 that Apple wouldn’t start using its newer products. The company then requested lower royalty payments to reflect the dwindling relationship.
  • In February, Apple told Imagination about the planned switch to in-house supplies and ending royalty payments by early next year.
  • Apple’s statement could make U.K. government regulators investigate the timing of Imagination’s disclosure.   
  • Imagination Technologies shares are down over 2%.
  • Previously: Former Apple supplier Imagination Technologies goes up for sale (June 22)

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