Class action lawsuit filed against Apple for making false and misleading statements to the market
Monday May 6, 2019. 10:32 PM , from Mac Daily News
The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Apple Inc. for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares between November 2, 2018 and January 2, 2019, inclusive, are encouraged to contact the firm before June 17, 2019.
If you are a shareholder who suffered a loss, click here to participate.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Both demand for Apple’s iPhones and its pricing power in greater China were negatively impacted by the U.S.-China trade war. Because Apple discounted the price of replacement batteries for certain iPhone models, a decision made due to the revelation that the Company was purposefully degrading the battery performance of these products, customers were replacing their batteries instead of purchasing a new iPhone, impacting sales growth. Apple slashed production of 2018 iPhone models and cut prices to reduce its current inventory. The Company also withheld unit sales for iPhones and other products, a metric long used by investors to judge the Company’s performance, in order to mask the decline in sales of the iPhone, Apple’s most prominent product. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Apple, investors suffered damages.
Source: The Schall Law Firm
MacDailyNews Take: Yet another one for the eventual consolidation. Everyone obviously wants a piece. In fact, here’s another one that just popped up (The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Apple Inc.)
Again, both Apple CEO Tim Cook and CFO Luca Maestri could have thought, back in November, that China iPhone sales would continue and they might not have been able to foresee, even though it seems obvious in hindsight, that a late rush of battery replacements would ensue in December just before the low-priced iPhone battery replacement program’s end date, negatively impacting sales of new iPhones.
Levi & Korsinsky, LLP announces class action lawsuit against Apple over false and misleading statements – April 19, 2019
The Law Offices of Vincent Wong files class action lawsuit against Apple, alleging executives made false and misleading statements to the market – April 19, 2019
Bronstein, Gewirtz & Grossman announces deadline for class action lawsuit against Apple over false and misleading statements – April 19, 2019
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