Feb 15, 2022
Norfolk County Council sues Apple in class action
A case led by Norfolk County Council against Apple has been granted class-action status by a judge in California. The Council claims a pension fund it runs lost money after Apple allegedly misled shareholders in 2018 about the performance of its business in China. Acting in its capacity as the administrator of the fund, and as the lead plaintiff in the case, the council is suing Apple, its chief executive Tim Cook and Luca Maestri, the firm's chief financial officer. According to court documents, the council alleges that in late 2018, the "Defendants misrepresented the state of Apple's business in Greater China, the company's most important growth market at the time". Days later, on 5 November, reports emerged that Apple had told its top smartphone assemblers to "Halt plans for additional production lines" for the recently released iPhone XR.In January 2019, Apple pre-announced its first earnings shortfall in 15 years.
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