Before Apple had time to make peace with Qualcomm, the next lawsuit arrived. This time from the shareholders
Why sue
Employees' pension systemThe city of Roseville, Michigan, has filed a class action lawsuit in federal court in Oakland, California. Shareholders accuse the company of securities fraud. Also named as defendants in the lawsuit are the company's CEO, Tim Cook, and its CFO, Luca Maestri.
The plaintiffs are unhappy that the company triedhide the decline in smartphone sales, especially in the Chinese market. Let's remember 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 fell sharplyin price, and the company's market value collapsed by $74 billion in just one day. As a result, investors who purchased Apple shares several months earlier suffered large losses.
Now this claim will be considered in court. Apple has not yet commented on this information.