Tim Cook, chief executive officer of Apple Inc., speaks during the Apple Worldwide Developers Conference at Apple Park campus in Cupertino, California, US, on Monday, June 6, 2022.
Apple has reached a $490 million settlement to resolve a class-action lawsuit that alleged Chief Executive Tim Cook defrauded shareholders by concealing falling demand for iPhones in China.
A preliminary settlement was filed on Friday with the U.S. District Court in Oakland, California, and requires approval by U.S. District Judge Yvonne Gonzalez Rogers.
Apple posted $97 billion of net income in its latest fiscal year, and its payout equals a little under two days of profit.
The case is In re Apple Inc Securities Litigation, U.S. District Court, Northern District of California, No.
Persons:
Tim Cook, Yvonne Gonzalez Rogers, Cook, Shawn Williams, Rogers, Apple
Organizations:
Apple Inc, Apple Worldwide, Apple, U.S, Norfolk Pension Fund, Apple Inc Securities Litigation, Court, Northern District of
Locations:
Cupertino , California, China, Oakland , California, Brazil, India, Russia, Turkey, Norfolk, Norwich, England, Northern District, Northern District of California