Bystandr
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https://www.reuters.com/legal/apple-reaches-490-million-settlement-with-shareholders-over-china-sales-comments-2024-03-15/
March 15 (Reuters) - Apple (AAPL.O), opens new tab 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.
Lawyers for the shareholders may seek fees of up to 25% of the settlement amount.
Apple posted $97 billion of net income in its latest fiscal year, and its payout equals a little under two days of profit.
The lowered revenue forecast was Apple's first since the iPhone's launch in 2007. Shares of Apple fell 10% the next day, wiping out $74 billion of market value.
Cook had told investors on an Nov. 1, 2018, analyst call that although Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, "I would not put China in that category."
All credit for the story to Reuters and the articles author : Johnathan Stemple
cambriago13
Oh, Tim Apple. You reprehensible burn ward stain.
foxxieface
Oh no! Won't somebody think of the massive yachts?!
Honestly, who gives a shit. "Rich people sue rich people because they only got a little bit richer not a lot richer." Who gives a flying fuck. Let them eat each other. Less for us to do.
skwint
"In order to placate other rich people we are downsizing 200 jobs."
Spooner1
@op I see you deleted my comment. You posted a screenshot with the authors name in it. Then you claimed that they updated the article after you made your post. That’s some flat BS and you know it.
Bystandr
lol what? 1) Authors dont get to delete comments. I can mute you (also not done). 2) I claimed the authors name wasnt there when I first viewed the article, but when I did my screen cap after it was updated (which it also says at the top of the screen cap was done 28 mins after Reuters initial posting) it was there. I missed that, hence my erronous statement.
Bystandr
Maybe during the window where I took the post out of gallery to edit in the authors' name in you lost a comment you meant to post?
Bystandr
I can also add, it may have in fact been there the first time, but obscured by a dropping ad banner. I searched the bottom to no avail, and
Bystandr
only saw the author there after my second visit (when I took the screen cap for the post)? This is speculation- just saying: also possible.