Apple will surrender less than a day of earnings to satisfy class action suit

The class action lawsuit accusing Tim Cook of misleading investors over falling sales in China has been settled for half a billion dollars.Tim Cook's comment cost Apple $61 million per wordIt's now almost six years since Tim Cook confirmed in a late 2018 earnings call that there were countries where iPhone sales were down, but 'I would not put China in that category.' However, within days of the call, Apple allegedly then told suppliers to reduce production.Then in early 2019, Apple took the unusual step of revising its revenue guidance down because of lower iPhone sales in China. Continue Reading on AppleInsider | Discuss on our Forums