Apple must face a lawsuit proposed by shareholders who accused Chief Executive Tim Cook of concealing falling demand for iPhones in China, end up with billions of dollars of investor losses, reported Reuters. The lowered revenue forecast was the first by Cupertino, California-based Apple since the iPhone’s launch in 2007. Shares of Apple fell 10% the next day, erasing $74 billion of market value. Apple and Cook have said there was no proof they defrauded or intended to defraud the plaintiffs. The company did not immediately respond on Thursday to requests for comment.

Source: The Standard November 06, 2020 10:18 UTC