A lawsuit was filed on behalf of investors in Apple Inc. (NASDAQ: AAPL) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/29/2019 -- An investor, who purchased shares of Apple Inc. (NASDAQ: AAPL), filed a lawsuit over alleged violations of Federal Securities Laws by Apple Inc.
Investors who purchased shares of Apple Inc. (NASDAQ: AAPL) have certain options and for certain investors are short and strict deadlines running. Deadline: June 17, 2019. NASDAQ: AAPL investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On January 2, 2019, Apple disclosed that, for the first time in 15 years, Apple would miss its prior quarterly revenue forecast amid falling iPhone sales in China, its third-largest market after the United States and Europe. The Company announced first quarter fiscal 2019 revenues of only $84 billion, far below the expected range of $89 billion to $93 billion the Company had announced just eight weeks earlier on November 1, 2018. The Company also admitted that in addition to macroeconomics in the Chinese market, the price cuts to battery replacements a year earlier to fix the Company's prior surreptitious conduct had hurt iPhone sales.
The plaintiff claims that between November 2, 2018 and January 2, 2019, the defendants failed to disclose that the U.S.-China trade war had negatively impacted demand for iPhones and Apple's pricing power in greater China, that due to Apple discounting the cost of replacement batteries to make up for the Company's prior conduct of intentionally degrading the performance of the batteries in older iPhones, the rate at which Apple customers were replacing their batteries in older iPhones, rather than purchasing new iPhones, was negatively impacting Apple's iPhone sales growth, that as a result of slowing demand, Apple had slashed production orders from suppliers for the new 2018 iPhone models and cut prices to reduce inventory, and that defendants' decision to withhold unit sales for iPhones and other hardware, which was a metric relevant to investors and their view of the Company's financial performance, was designed to and would mask declines in unit sales of the Company's flagship product. As a result of this information being withheld from the market between November 2, 2018 and January 2, 2019, the price of Apple stock was artificially inflated to more than $209 per share.
Those who purchased shares of Apple Inc. (NASDAQ: AAPL) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.