Apple has agreed to pay $490mn to settle a class action accusing chief executive Tim Cook of misleading investors in 2018 by exaggerating demand for the iPhone in China.
Investors claimed Cook overstated demand for Apple’s products in the country on a November 2018 earnings call, only for the company’s stock to fall almost 10 per cent in January 2019 when it said it would miss its revenue guidance by some $9bn.
Apple declined to comment on Friday. It has denied violating US securities law.
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