2024-03-15 15:38:27
Since 2019, facing accusations of having committed tax fraud after publishing erroneous projections about its revenue and ignoring possible problems in China, the Apple finally reached an agreement to put an end to a class action filed by allegedly harmed shareholders.
According to the ReutersMaçã agreed to pay US$490 million in a preliminary agreement presented on Friday in the Oakland District Court (California, United States), requiring the approval of judge Yvonne Gonzalez Rogers (yes, the same one in the case against Epic) to be effective.
The imbroglio began when Apple, at the end of 2018, projected revenue between US$89 and US$93 billion for the following quarter. Asked about the scenario in China, Tim Cook stated that he would not place the country among those where sales would be affected, ignoring uncertainties in the Chinese market.
Two months later, however, Cook released a letter acknowledging that the iPhone was selling below expectations (especially in… China) and, as a result, Apple’s revenue expectation would be reduced to US$84 billion — a prediction that ended up coming true. , in fact.
Even though it presented itself as innocent of the charges, Apple chose to “avoid the cost and distraction of litigation” with the settlement, which was considered an “exceptional result” by Shawn Williams, partner at Robbins Geller Rudman & Dowd — class action company that represents shareholders.
Investors who purchased Apple shares in the two-month period covering the revenue forecast and Cook’s comments will benefit. They can get values of up to 25% on the agreed value, as Apple’s share price has more than quadrupled since January 2019.
Will this be the end of another soap opera involving Maçã? 🍎
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