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Apple, Investors Reach $490 Million Settlement in Fraud Case
Apple reached a $490 million settlement of a class-action lawsuit brought by a group of investors who accused Chief Executive Officer Tim Cook of misleading them in 2018 about the company's sales prospects. From a report: Cook made false statements about the company's business in China that caused A...
Apple reached a $490 million settlement of a class-action lawsuit brought by a group of investors who accused Chief Executive Officer Tim Cook of misleading them in 2018 about the company's sales prospects. From a report: Cook made false statements about the company's business in China that caused Apple stock to trade at artificially inflated prices, the investors said in their complaint, which alleged violation of securities laws. The settlement comes as Apple continues to face headwinds in China, where iPhone sales fell by a surprising 24% over the first six weeks of this year, according to independent research released earlier this month.
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