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Again: Apple Executives Sued for Alleged Financial Results Fraud

Throughout 2019, Apple or, more precisely, some of its top executives received three lawsuits on charges of fraud, related to the financial results of the first fiscal quarter of the year. The first two came in early January (1, 2), while the third arrived in May; Now, to close Ma's year of misfortune (in this area, at least), we have one more.

For those who don't remember the whole thing very well, let's go back to the infamous January 2, 2019, when Tim cook, in a letter to investors, acknowledged the low sales of iPhones and reduced its quarterly forecast revenue to an estimated $ 89 to $ 93 billion, the company lowered expectations to $ 84 billion (which turned out to be roughly the bottom line). , same).

Investors, of course, disliked this story and filed the above three lawsuits against Apple executives (focusing especially on Cook and CFO Luca Maestri), accusing them of artificially inflating the company's revenue forecast and thereby , cause an unrealistic spike and subsequent sharp drop in the company's stock.

The newest process, as reported by the Patently apple, goes the same way. The action was filed by the shareholder John Votto It states that by issuing a misguided revenue forecast and then correcting it, Apple violated federal financial security laws and caused a sharp drop in the company's actions, damaging the reputation of its board of directors.

The question is whether to hit something: the other three such cases are stalled in court, and Apple seems to have mounted a solid defense with its arsenal of lawyers. The simple argument: inflated revenue forecasts were just a mistake, and the company rushed to correct it as soon as it got more information about the commercial performance of iPhones. If the justice buys this speech, however, we will have to wait and see.