Apple Settles Shareholder Lawsuit Over iPhone Demand in China for $490 Million

• Apple agrees to pay $490M to settle lawsuit alleging Tim Cook defrauded shareholders by hiding falling iPhone demand in China • On November 2018 earnings call, Cook cited weak demand in some emerging markets but said China demand was "very strong" • In January 2019 letter, Cook blamed Greater China economy for revenue shortfall, with iPhone demand drop accounting for all of it • Investors alleged Cook knew iPhone demand was falling in China in November but failed to disclose it • Apple denies allegations but settled to avoid litigation costs and time