Apple Inc. Shareholder Investigation: Lawsuit Filed (AAPL)
BEVERLY HILLS, Calif., April 26, 2019 /PRNewswire/ -- Thornton Law Firm LLP announces that it is investigating a securities class action on behalf of shareholders and investors who purchased the securities of Apple Inc. (NASDAQ ticker: AAPL). The investigation involves possible violations of the federal securities laws by Apple, Timothy Cook, and Luca Maestri. A class action has been filed, and if you are an Apple shareholder interested in learning more, please email [email protected], or call 617-531-3933.
According to the lawsuit, Apple and the defendants made materially false and misleading statements regarding Apple's business and prospects. Specifically, the Complaint alleges that Apple failed to disclose that:
(a) |
the U.S.-China trade war had negatively impacted demand for iPhones and Apple's pricing power in greater China; |
(b) |
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; |
(c) |
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 |
(d) |
Apple's 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 Apple's alleged misconduct, Apple's stock plunged more than $15 per share, or more than 9%, from its close of $157.92 per share on January 2, 2019 to close at $142.19 per share on January 3, 2019.
If you purchased or otherwise acquired Apple stock (NASDAQ: AAPL), you may have a claim for damages. Please contact the Thornton Law Firm's shareholder rights team at [email protected], or call 617-531-3933.
Thornton Law Firm's securities attorneys specialize in representing individual shareholders and institutional investors in recovering damages caused by corporate wrongdoing or fraud. Its attorneys have decades of experience litigating securities cases in courts throughout the country and have a proven track record of recovering losses on behalf of shareholders.
SOURCE Thornton Law Firm LLP
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