Apple to pay $490 million to settle allegations that it misled investors about iPhone sales in China

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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.

19-year-old migrant worker, once charged in death of St. Johns County deputy, is released from custodyLocal retired Navy pilot weighs in on possible impact of US Army sergeant accused of selling military secrets to ChinaFILE - A trade-in for iPhone XR promotion board is displayed as an Apple employee waits for customers at its retail store in Beijing, Thursday, Jan. 3, 2019.

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.

 

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