Source: Computing
The lawsuit revolved around remarks made by Tim Cook during an investor briefing in November 2018.
Tech giant Apple has conceded defeat to Norfolk County Council in a legal battle, agreeing to a staggering settlement of $490 million (£385 million) in response to allegations of shareholder deception.
The lawsuit, spearheaded by Norfolk Council, accused Apple CEO Tim Cook of misleading investors by concealing dwindling iPhone demand in China, resulting in financial losses for shareholders.
The Norfolk Pension Fund, overseen by the council, was among those impacted by what were deemed fraudulent actions by Mr. Cook.
In a statement released following the settlement, the Norfolk Pension Fund expressed satisfaction with the outcome, stating it is committed to safeguarding the investments of thousands of individuals who rely on their pensions.
The lawsuit revolved around remarks made by Tim Cook during an investor briefing in November 2018.
Cook was accused of making materially false and misleading statements regarding the demand for iPhones and the company’s business outlook in China, in violation of the Securities Exchange Act of 1934.
Read full article: https://www.computing.co.uk/news/4186428/apple-pay-norfolk-gbp385m-legal-battle
