Apple Settles Lawsuit Over Tim Cook's Comments About iPhone Demand for $490 Million

• Apple agreed to pay $490M to settle a lawsuit alleging Tim Cook misled investors about falling iPhone demand in China • The lawsuit stemmed from Apple suddenly cutting its revenue forecast in Jan 2019 due to US-China trade tensions • Cook had said on a Nov 2018 earnings call that he would not put China in the category of countries facing sales pressure • Apple shares fell 10% after the forecast cut, wiping out $74B in market value • The settlement covers investors who bought Apple shares in the two months between Cook's comments and the forecast cut