"Apple Settles $490M Lawsuit Over Tim Cook's China Comments"

Apple has agreed to pay $490 million to settle a class action lawsuit alleging that CEO Tim Cook defrauded shareholders by concealing falling demand for iPhones in China. The lawsuit stemmed from a November 2018 earnings call where Cook did not include China in a list of markets facing pressure, but later attributed a revenue shortfall to the slowing economy in Greater China. Apple denied the allegations but agreed to the settlement to avoid additional costs and time involved with litigation.