Lawsuit over Apple’s ‘misrepresented sales prospects’ can proceed — Apple World Today
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The judge says shareholders can sue over CEO Tim Cook’s comment on a Nov. 1, 2018, analyst call that while Apple was facing sales pressure in some emerging markets, “I would not put China in that category.”
Apple told suppliers to curb production a few days after Cook spoke, and on Jan. 2, 2019, unexpectedly cut its quarterly revenue forecast by up to $9 billion, which the CEO blamed in part on pressure on China’s economy from U.S.-China trade tensions.
Apple and Cook have said there’as no proof they defrauded or intended to defraud the plaintiffs. In a 23-page decision, Rogers said shareholders plausibly alleged that Cook’s statements on the analyst call about China were materially false and misleading.
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