Shareholders accuse Apple of hiding falling sales of lawsuits in process

When I said just yesterday that Cupertino's legal department was far from gaining time off after the legal disputes with Qualcomm ended, I was not joking: Law Suit against Apple keep coming in waterfall, as it always has. And the most recent action came from a group of shareholders of the company itself, as reported by Mercury news.

The class action was filed by the Employee Retirement Fund of the City of Roseville, California. The group owns a small amount of Apple shares and has filed the lawsuit on behalf of all Apple shareholders, claiming that the company has committed fraud in the disclosure of related information is iPhones sales in the last months.

More precisely, the complainants claim that Apple had known since November that iPhone sales were down, but spent nearly two months telling another, more positive, story to shareholders. It was not until early January, with Tim Cook's infamous letter, that the real situation of smartphones was finally revealed by then, however, many people, groups or companies had invested in Ma shares based on misleading information, according to the lawsuit.

The action calls for Apple to compensate all individuals or groups that bought shares of the company between November 2 of last year and January 2, 2019, the day Cook released the letter to shareholders and the day, also, that each share of the company. Ma lost more than $ 15 in purchase value.

This is far from the first such lawsuit Apple suffered from the low sales of iPhones: we had a move on the next day's letter, and another a few days later. Now, plus this paperwork will occupy the next months of the legal department in Cupertino and we, of course, will be aware of their developments.

via MacRumors