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Apple settles lawsuit over CEO China comments
Apple has agreed to pay $490 million to settle a class-action lawsuit
The suit alleges that Tim Cook, Apple’s chief executive, defrauded shareholders by hiding the fact that iPhone demand was falling in China. According to Reuters, this lawsuit came about following Apple’s announcement on Jan 2, 2019, that the company would cut its quarterly revenue forecast by up to $9 billion due to tensions between the US and China. US District Judge Yvonne Gonzalez Roger refused to dismiss the lawsuit when it was filed last June because she deemed it “plausible” that Cook could have been discussing Apple’s sales outlook in relation to China rather than currency changes.
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