Like plenty of tech giants, Apple is no stranger to legal battles. In the latest development, Apple has agreed to shell out a hefty $490 million (£385 million) to settle a lawsuit that accused Tim Cook of pulling a fast one on investors. The claim? That Cook was a bit too optimistic about iPhone demand in China -- and hence defrauded shareholders by misleading them.
This lawsuit was brought to the stage by Norfolk County Council from the UK, representing a pension fund that apparently took a hit thanks to Cook's alleged omissions. The suit claims Cook assured investors back in November 2018 that iPhone sales demand was facing some pressure, but he "would not put China in that category." Fast-forward two months, and Apple's tune changes with a revised revenue forecast based on tensions between China and the US. This led to share prices tumbling pretty quickly (wiping $55 billion off the company's value, to be precise), resulting in the pension fund losing money.
