Apple settles for $490 million after CEO Cook made remarks about sales in China
By MYBRANDBOOK
In order to settle a class-action lawsuit alleging that CEO Tim Cook deceived investors by hiding the declining demand for iPhones in China, Apple has struck a $490 million settlement. A preliminary settlement was filed on Friday with the U.S. District Court in Oakland, California, and waiting for a judge’s approval.
The preliminary settlement was filed Friday with the U.S. District Court in Oakland, California, but still needs to be approved by U.S. District Judge Yvonne Gonzalez Rogers, who last year refused to dismiss the lawsuit.
The lawsuit stems from an investor meeting in 2018, when Cook expressed confidence in how Apple is performing in China, saying it was "very strong last quarter." He added that although Apple has struggled with iPhone sales in Brazil, Russia, India and Turkey, he "would not put China in that category."
A few days after the call, Apple told suppliers to slow down production.
The forecasted revenue drop cut Apple shares by 10%, ultimately taking out $74 billion of the company’s market value.
According to The Wall Street Journal, plaintiffs said Apple knew that it wasn't performing well in China and should have disclosed that information to shareholders earlier. They said, "Apple's business metrics and financial prospects were not as strong as defendants had led the market to believe."
The leading plaintiff in the case is Norfolk County Council in the U.K., which is the administering authority of the Norfolk Pension Fund.
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