Apple to pay $490m to settle claims it misled investors over sales in China

Company denied that Tim Cook deceived investors when he said iPhone sales were strong weeks before revenue warning

Apple has agreed to pay $490m to settle a class-action lawsuit alleging chief executive Tim Cook misled investors about a steep downturn in iPhone’s sales in China that culminated in a jarring revision to the company’s revenue forecast.

The preliminary settlement filed Friday in Oakland, California, federal court stems from a shareholder lawsuit focused on the way Apple relayed information about how iPhone models released in September 2018 were performing in China, one of the company’s biggest markets. Continue reading…
http://dlvr.it/T47lQl