Apple is paying $490M to settle a class-action lawsuit that accused the company's CEO, Tim Cook, of defrauding shareholders about the demand for iPhone in China. The information shared by Reuters says this preliminary settlement was filed today with the US District Court In Oakland, California, and requires approval by US District Judge Yvonne Gonzalez Rogers, who was behind the Epic vs. Apple lawsuit.
This settlement covers 'investors who bought Apple shares in the two months between Cook's comments and the revenue forecast.' Last year, Judge Rogers refused to dismiss the lawsuit, as she believed Cook wasn't discussing Apple's sales outlooks and not currency changes since Apple knew China's economy was slowing and demand could fall.
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