Apple has agreed to pay $490 million to settle a class-action lawsuit filed by shareholders in 2019. The lawsuit alleged that CEO Tim Cook made misleading comments about the company’s sales in China during a 2018 earnings call. Despite Cook’s positive remarks about strong sales in China, Apple later told its suppliers to slow production and cut its quarterly revenue forecast by up to $9 billion. Shareholders claimed that Cook’s misleading comments caused Apple’s stock to trade at artificially inflated prices. While Apple denied any wrongdoing, it agreed to the settlement to avoid further litigation.
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