Shareholders will sue Apple: the company hid poor sales of the iPhone

Apple didn’t have time to make peace with Qualcomm - the next lawsuit “flew” right there. This time from shareholders

the company.

Why sue

Employee pension systemThe city of Roseville, Michigan, filed a class action lawsuit in federal court in Oakland, California. Shareholders accuse the company of securities fraud. Also in the lawsuit, the defendant appears to be the head of the company Tim Cook and its financial director Luca Maestri.

The plaintiffs are unhappy that the company triedhide the decline in sales of smartphones, especially in the Chinese market. Recall that only on January 2 of this year, Tim Cook announced a decrease in the company's forecast quarterly revenue by $ 9 billion. By the way, Apple lowered its revenue forecast for the first time since 2007.

After this statement, securities plummeted inprice, and the company's market value in just a day collapsed at $ 74 billion. As a result, investors who bought Apple shares a few months before, suffered heavy losses.

Now this claim will be considered in court. Apple has not commented on this information yet.