Apple paying $490M to settle lawsuit over Tim Cook’s China sales comments

News Snapshot:

Apple agreed to pay $490 million to settle a class-action lawsuit that alleged Chief Executive Tim Cook defrauded shareholders by concealing falling demand for iPhones in China. A preliminary settlement was filed on Friday with the US District Court in Oakland, Calif., and requires approval by US District Judge Yvonne Gonzalez Rogers. It stemmed from Apple’s unexpected announcement on Jan. 2, 2019 that the iPhone maker would slash its quarterly revenue forecast by up to $9 billion, blaming US-China trade tensions. 3 The lawsuit stemmed from Apple’s unexpected announcement on Jan. 2, 2019 that it would slash its quarterly revenue...