) must face part of a lawsuit claiming it fraudulently concealed falling demand for iPhones, especially in China, leading to tens of billions of dollars in shareholder losses.
While dismissing most claims, U.S. District Judge Yvonne Gonzalez Rogers ruled late Tuesday that shareholders can sue over Chief Executive Tim Cook’s comments touting strong iPhone demand on a Nov. 1, 2018 analyst call, only a few days before Apple told its largest manufacturers to curb production. The Oakland, California-based judge also said a decision by Apple to stop reporting iPhone unit sales “plausibly suggests that defendants expected unit sales to decline.”The complaint, led by the Employees’ Retirement System of the State of Rhode Island, came after Cook on Jan. 2, 2019 unexpectedly reduced Apple’s quarterly revenue forecast by up to $9 billion, in part because of U.S.-China trade tensions.
Cook had said on the analyst call that the iPhone XS and XS Max had a “really great start,” and that while some emerging markets faced downward sales pressures “I would not put China in that category.”
With USA's sanctions against Huawei of China, Chinese people have shunned Apple and Starbucks. Apple will soon close its stores in China. Apple iPhone Huawei
What about the voiceless? A thread 👇🏼
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Marriott opens all hotels in China, sees steady U.S. recovery: CEOMarriott International has reopened all its hotels in China and is seeing a steady recovery in the United States, its biggest market, Chief Executive Officer Arne Sorenson said on Monday. Another reason not to stay in a Marriott.
Source: Reuters - 🏆 2. / 97 Read more »
Apple cuts iPhone prices in China to keep momentum going as economy continues to reopenThe iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max and iPhone SE have discounts on Apple's official store on Alibaba-owned Tmall in China as part of a major online shopping festival. Who doesn't like a bargain? Is this a sign of things to come? realDonaldTrump Don, get on Tim's ass! He's giving them discounts!! Not keeping momentum. The phones are too expensive. Apple trademark not exclusive anymore.
Source: CNBC - 🏆 12. / 72 Read more »
China is the 'first leading indicator' of a rebound in autos, Marvell Tech CEO saysChina is showing 'very positive signs of production resuming,' Marvell Technology CEO Matt Murphy said. Boycott China asoup322 $tsla
Source: CNBC - 🏆 12. / 72 Read more »
McDonald's, Target, Apple, other big companies speak out amid protests - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Theresa Kang-Lowe Departs WME To Launch Management Company With Deal At AppleTheresa Kang-Lowe, a respected lit agent and Partner at WME, is leaving the agency. She will be launching her own management/production company and is finalizing a multi-year overall deal with Appl…
Source: DEADLINE - 🏆 109. / 63 Read more »
WME Partner Theresa Kang-Lowe Exits to Launch Management Company With Apple Overall Deal (Exclusive)After nearly two decades at WME, Theresa Kang-Lowe has decided to leave to start her own management company, Blue Marble Pictures
Source: THR - 🏆 411. / 53 Read more »