A U.S. judge has rejected Apple's bid to throw out a class-action lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China.
bid to throw out a class-action lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China.
Apple told suppliers a few days later to curb production, and on Jan. 2, 2019, unexpectedly slashed its quarterly revenue forecast by up to $9 billion, blaming U.S.-China trade tensions. The judge also said that prior to Cook's comment, Apple knew China's economy had been slowing and had data suggesting that demand could fall.
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