After allegations that Apple Chief Executive Tim Cook defrauded shareholders by concealing falling demand for iPhones in China, the company has agreed to pay $490 million to settle a class-action lawsuit.
Apple filed a preliminary settlement with the US District Court in Oakland, California, on Friday and it requires approval by US District Judge Yvonne Gonzalez Rogers.
The lawsuit stemmed from Apple’s announcement on Jan 2, 2019 that the iPhone maker would slash its quarterly revenue forecast by up to $9 billion. The cut in quarterly revenue forecast was blamed on the US-China trade tensions.
On a Nov 1, 2018, analyst call, Cook told investors that although Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey due to weakened currencies, “I would not put China in that category.”
A few days later, Apple told suppliers to curb production.
It was Apple’s first lowered revenue forecast since iPhone’s launch in 2007. Apple's shares fell 10 per cent the next day, wiping out $74 billion of market value.
Apple and its lawyers did not immediately respond to requests for comment on the ruling.
Pakistani rupee rates against US Dollar and other currencies on May 13, 2024 (Monday) in open market.
US dollar was being quoted at 277.1 for buying and 279.85 for selling.
Euro stands at 296 for buying and 298.7 for selling while British Pound rate is 344 for buying, and 347.5 for selling.
UAE Dirham AED was at 75.1 and Saudi Riyal came down to 73.40.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.1 | 279.85 |
Euro | EUR | 296 | 298.7 |
UK Pound Sterling | GBP | 344 | 347.5 |
U.A.E Dirham | AED | 75.1 | 75.5 |
Saudi Riyal | SAR | 73.40 | 74.10 |
Australian Dollar | AUD | 180.5 | 182.5 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 203 | 205 |
China Yuan | CNY | 38.43 | 38.83 |
Danish Krone | DKK | 40.16 | 40.56 |
Hong Kong Dollar | HKD | 35.6 | 35.95 |
Indian Rupee | INR | 3.34 | 3.45 |
Japanese Yen | JPY | 1.91 | 1.99 |
Kuwaiti Dinar | KWD | 904.67 | 913.67 |
Malaysian Ringgit | MYR | 58.71 | 59.31 |
New Zealand Dollar | NZD | 166.93 | 168.93 |
Norwegians Krone | NOK | 25.69 | 25.99 |
Omani Riyal | OMR | 722.52 | 730.52 |
Qatari Riyal | QAR | 76.44 | 77.14 |
Singapore Dollar | SGD | 204 | 206 |
Swedish Korona | SEK | 25.79 | 26.09 |
Swiss Franc | CHF | 306.4 | 308.9 |
Thai Bhat | THB | 7.56 | 7.71 |
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