![\"The](\"https:\/\/images.news18.com\/ibnlive\/uploads\/2021\/07\/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=356\" "\\"The"){kind=logo}
<\/figure>\nThe lawsuit stemmed from Cook\u2019s comment on a Nov. 1, 2018<\/p>\n<\/div>\n
A U.S. judge has rejected Apple’s bid to throw out a classaction lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China.<\/h2>\n<\/div>\n<\/div>\n\n\nA U.S. judge has rejected Apple\u2019s bid to throw out a class-action lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China.<\/p>\n
U.S. District Judge Yvonne Gonzalez Rogers\u2019 decision late Monday night clears the way for shareholders led by a British pension fund to sue over a one-day plunge that wiped out $74 billion of Apple\u2019s market value.<\/p>\n
The lawsuit stemmed from Cook\u2019s comment on a Nov. 1, 2018, analyst call that while Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, \u201cI would not put China in that category.\u201d<\/p>\n
Apple told suppliers a few days later to curb production, and on Jan. 2, 2019, unexpectedly slashed its quarterly revenue forecast by up to $9 billion, blaming U.S.-China trade tensions.<\/p>\n
The lowered revenue forecast was Apple\u2019s first since the iPhone\u2019s launch in 2007, and the Cupertino, California-based company\u2019s shares fell 10% the next day.<\/p>\n
<\/p>\nJudge Rogers, based in Oakland, California, said jurors could reasonably infer that Cook was discussing Apple\u2019s sales outlook in China, not past performance or the impact of currency changes.<\/p>\n
The judge also said that prior to Cook\u2019s comment, Apple knew China\u2019s economy had been slowing and had data suggesting that demand could fall.<\/p>\n
\u201cA reasonable jury could find that failure to disclose these risks caused plaintiff\u2019s harm,\u201d Rogers wrote.<\/p>\n
Apple and its lawyers did not respond on Tuesday to requests for comment.<\/p>\n
Shawn Williams, a lawyer for the shareholders, said: \u201cWe are pleased with the ruling and look forward to presenting the facts to a jury.\u201d<\/p>\n
The lead plaintiff is the Norfolk County Council as Administering Authority of the Norfolk Pension Fund, located in Norwich, England.<\/p>\n
Apple\u2019s share price has approximately quintupled since January 2019, giving the company a market value near $3 trillion.<\/p>\n
The case is In re Apple Inc Securities Litigation, U.S. District Court, Northern District of California, No. 19-02033.<\/p>\n
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters<\/a>)<\/i> <\/div>\n\n\n\n![\"\"\/](\"https:\/\/images.news18.com\/ibnlive\/uploads\/2022\/08\/shaurya-sharma.jpeg?impolicy=website&width=70&height=70\")
<\/div>\nShaurya Sharma<\/span><\/a><\/p>\nShaurya Sharma, Sub Editor at News18, reports on consumer and gaming technology. He has been helping people figure out their tech to make informed cho…Read More<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n[ad_2]
\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"[ad_1] The lawsuit stemmed from Cook\u2019s comment on a Nov. 1, 2018 A U.S. judge has rejected Apple’s bid to throw out a classaction lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China. A U.S. judge has rejected Apple\u2019s bid to throw out a class-action lawsuit … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-3938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech"],"_links":{"self":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/3938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3938"}],"version-history":[{"count":0,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/3938\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/media\/1783"}],"wp:attachment":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
A U.S. judge has rejected Apple\u2019s bid to throw out a class-action lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China.<\/p>\n
U.S. District Judge Yvonne Gonzalez Rogers\u2019 decision late Monday night clears the way for shareholders led by a British pension fund to sue over a one-day plunge that wiped out $74 billion of Apple\u2019s market value.<\/p>\n
The lawsuit stemmed from Cook\u2019s comment on a Nov. 1, 2018, analyst call that while Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, \u201cI would not put China in that category.\u201d<\/p>\n
Apple told suppliers a few days later to curb production, and on Jan. 2, 2019, unexpectedly slashed its quarterly revenue forecast by up to $9 billion, blaming U.S.-China trade tensions.<\/p>\n
The lowered revenue forecast was Apple\u2019s first since the iPhone\u2019s launch in 2007, and the Cupertino, California-based company\u2019s shares fell 10% the next day.<\/p>\n
Judge Rogers, based in Oakland, California, said jurors could reasonably infer that Cook was discussing Apple\u2019s sales outlook in China, not past performance or the impact of currency changes.<\/p>\n The judge also said that prior to Cook\u2019s comment, Apple knew China\u2019s economy had been slowing and had data suggesting that demand could fall.<\/p>\n \u201cA reasonable jury could find that failure to disclose these risks caused plaintiff\u2019s harm,\u201d Rogers wrote.<\/p>\n Apple and its lawyers did not respond on Tuesday to requests for comment.<\/p>\n Shawn Williams, a lawyer for the shareholders, said: \u201cWe are pleased with the ruling and look forward to presenting the facts to a jury.\u201d<\/p>\n The lead plaintiff is the Norfolk County Council as Administering Authority of the Norfolk Pension Fund, located in Norwich, England.<\/p>\n Apple\u2019s share price has approximately quintupled since January 2019, giving the company a market value near $3 trillion.<\/p>\n The case is In re Apple Inc Securities Litigation, U.S. District Court, Northern District of California, No. 19-02033.<\/p>\n (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters<\/a>)<\/i> <\/div>\n [ad_2] [ad_1] The lawsuit stemmed from Cook\u2019s comment on a Nov. 1, 2018 A U.S. judge has rejected Apple’s bid to throw out a classaction lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China. A U.S. judge has rejected Apple\u2019s bid to throw out a class-action lawsuit … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-3938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech"],"_links":{"self":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/3938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3938"}],"version-history":[{"count":0,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/3938\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/media\/1783"}],"wp:attachment":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/div>\n
\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"