Apple has agreed to pay $490M to resolve class-action litigation that claimed CEO Tim Cook defrauded investors by hiding falling demand for iPhones in China, Reuters’ Jonathan Stempel reports. The preliminary settlement, which was filed with the U.S. District Court in Oakland, California, still needs clearance from U.S. District Judge Yvonne Gonzalez Rogers, the author notes. The suit stemmed from the tech giant’s unexpected announcement in early 2019 that the company would cut its quarterly revenue forecast by up to $9B, citing U.S.-China trade tensions, the author says.
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