"Apple Settles for $490 Million Over CEO's China Sales Comments"

Apple has reached a $490 million settlement to resolve a class-action lawsuit alleging that CEO Tim Cook concealed falling demand for iPhones in China, causing shareholders to be defrauded. The lawsuit stemmed from Apple's unexpected revenue forecast slash in 2019, which led to a 10% drop in share price. Despite denying liability, Apple settled to avoid the cost and distraction of litigation. The settlement, subject to court approval, will benefit shareholders who bought Apple shares between Cook's comments and the revenue forecast.