Apple reaches $490 million settlement over China comments
The Peninsula
New York: Apple has reached an out of court settlement to pay $490 million to shareholders who accused the iPhone titan of making misleading statement...
New York: Apple has reached an out-of-court settlement to pay $490 million to shareholders who accused the iPhone titan of making misleading statements about its business in China in 2018.
Shareholders criticized Apple executives, in particular CEO Tim Cook, for stating in November 2018 that the company's business remained buoyant in China, even though it was slowing down.
The settlement, which was filed on Friday nearly five years after the case began, needs to be approved by a federal judge in Oakland.
At the time, Apple was suffering from the deceleration of the Chinese economy, but also from tensions between China and the United States.
Questioned on the subject during an earnings conference call, Cook said that Turkey, India, Brazil and Russia were the only emerging economies where pressure on sales was being felt.