Apple Settles Investor Lawsuit Over iPhone Demand Comments for $490 Million

• Apple agrees to pay $490M to settle lawsuit from investors accusing CEO of misleading statements about iPhone demand in China

• Suit stemmed from Apple suddenly cutting its revenue forecast after Tim Cook had said iPhone sales in China were "very strong"

• Settlement covers investors who bought Apple shares in the 2 months between Cook's comments and the revenue forecast cut

• Apple shares dropped 10%, erasing almost $75B in market value, after the forecast cut announcement

• At $490M, the settlement amounts to less than 2 days worth of Apple's annual profit