Apple to pay $490 million to settle allegations that it misled investors about iPhone sales in China

Published March 15, 2024 12:16 PM

By MICHAEL LIEDTKE
AP Technology Writer

Apple has agreed to pay $490 million to settle a class-action lawsuit alleging CEO Tim Cook misled investors about a steep downturn in iPhone’s sales in China. The slowdown in China sales culminated in a jarring revision to the company’s revenue forecast. The preliminary settlement filed in federal court Friday stems from a shareholder lawsuit focused on how Apple relayed information about how iPhone models released in September 2018 were performing in China. The complaint contended Cook signaled the iPhone was off to a decent start in an investor conference call in early November 2018, only to then warn in early January 2019 of a significant drop in sales.

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