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Apple accused in securities fraud lawsuit over iPhone sales in China

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Apple was accused in a new securities fraud lawsuit of concealing a slump in demand for iPhones, particularly in China, leading to a $74 billion one-day slide in its market value once the truth became known.

Apple was accused in a new lawsuit of securities fraud for concealing a slump in demand for iPhones, particularly in China, leading to a $74 billion one-day slide in its market value once the truth became known.

Cook and Chief Financial Officer Luca Maestri were also named as defendants in the proposed class action. Apple did not immediately respond on Wednesday to requests for comment. But none of this was disclosed when it should have been, the complaint said, in part because of Apple's Nov. 1, 2018 decision to stop disclosing unit sales for iPhones.

 

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