"Tim Cook's China Comment Costs Apple $490M Settlement"

Apple has agreed to pay $490 million to settle a class-action lawsuit alleging that CEO Tim Cook misled investors about iPhone demand in China, leading to a significant drop in Apple's stock value. The lawsuit stemmed from a surprise announcement in 2019 that Apple would cut its revenue forecast, attributed to trade tensions between the US and China. The settlement covers investors who bought shares during the two months between Cook's reassurance and the revenue forecast announcement, and is pending approval from a federal court.