Tim Cook’s comments about iPhone sales in China just cost Apple $490 million

News Snapshot:

Apple has agreed to pay $490 million to settle a 2019 class-action lawsuit from shareholders. The lawsuit alleged CEO Tim Cook made false comments about China sales in a 2018 earnings call. Advertisement Comments Apple's CEO Tim Cook made years ago have just cost the company a boatload of money. The tech giant agreed to pay out $490 million to settle a class-action lawsuit shareholders lodged against the company in 2019, according to a proposed settlement filed in California court on Friday. The settlement amount comes out to about 2 days of profit for Apple, which reported $97 billion in...