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Apple agrees to pay $490m to settle lawsuit after CEO's China sales comments

09:55 PM | 16 Mar, 2024
Lawsuit against Apple CEO
Source: X

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.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 23 May 2024

Pakistani currency rates against US Dollar and other currencies on May 23, 2024 (Thursday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.25 for buying and 280.25 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.2 and Saudi Riyal came down to 73.45.

Today’s currency exchange rates in Pakistan - 23 May 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 277.25 280.25
Euro EUR 297 300
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.2 75.95
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.52 748.52
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.91
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 903.3 912.3
Malaysian Ringgit MYR 59.39 59.99
New Zealand Dollar NZD 170.11 172.11
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.46 731.46
Qatari Riyal ‎QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 305.97 308.47
Thai Bhat THB 7.67 7.82

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