Apple to pay $490 million in lawsuit claiming Tim Cook defrauded shareholders by concealing iPhone demand fall

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 U.S. District Court in Oakland, California, and requires approval by U.S. 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 U.S.-China trade tensions. Cook had told investors on an Nov. 1, 2018, analyst call that although Apple faced sales pressure in markets...