Apple has agreed to pay $490 million to settle a class-action lawsuit alleging CEO Tim Cook misled investors about a steep downturn in iPhone's sales in China that culminated in a jarring revision to the company's revenue forecast.
It marked the first time Apple had cut its revenue guidance since the iPhone's release in 2007 and triggered its stock price to plunge 10% in the next day of frenetic trading, wiping out more than $70 billion in shareholder wealth. Apple vehemently denied Cook deceived investors about the iPhone's sales in China between early November and early January. The Cupertino, Calif.
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