Apple Settles for $490M Over Misleading iPhone Demand Claims

The tech giant reaches a settlement after a class action lawsuit accused CEO Tim Cook of concealing falling demand for iPhones in China.

Apple has agreed to pay $490 million to settle a class action lawsuit led by the UK's Norfolk County Council.
The lawsuit accused CEO Tim Cook of misleading shareholders about iPhone demand in China in 2018.
Despite the settlement, Apple denies any wrongdoing, stating the decision was made to avoid further litigation costs.
Investors who bought Apple shares between November 2018 and January 2019 could be eligible for a piece of the settlement.
The settlement still requires approval from U.S. District Judge Yvonne Gonzalez Rogers.