The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Apple Inc. (“Apple” or “the Company”) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares between November 2, 2018 and January 2, 2019, inclusive (the ”Class Period”), are encouraged to contact the firm before June 17, 2019.
If you are a shareholder who suffered a loss, click here to participate.
The Schall Law Firm also encourages you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach The Schall Law Firm through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Both demand for Apple’s iPhones and its pricing power in greater China were negatively impacted by the U.S.-China trade war. Because Apple discounted the price of replacement batteries for certain iPhone models, a decision made due to the revelation that the Company was purposefully degrading the battery performance of these products, customers were replacing their batteries instead of purchasing a new iPhone, impacting sales growth. Apple slashed production of 2018 iPhone models and cut prices to reduce its current inventory. The Company also withheld unit sales for iPhones and other products, a metric long used by investors to judge the Company’s performance, in order to mask the decline in sales of the iPhone, Apple’s most prominent product. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Apple, investors suffered damages.
Join the case to recover your losses here.
Source: The Schall Law Firm
MacDailyNews Take: Again, both Cook and Maestri could have thought, back in November, that China iPhone sales would continue and they might not have been able to foresee, even though it seems obvious in hindsight, that a late rush of battery replacements would ensue in December just before the low-priced iPhone battery replacement program’s end date, negatively impacting sales of new iPhones.
So, this seems like a tough one for the attorneys to prove.
SEE ALSO:
Apple CEO Cook, CFO Maestri accused of securities fraud over iPhone sales – April 17, 2019
Apple replaced 11 million iPhone batteries under their $29 replacement program – January 15, 2019
Two things Tim Cook just did that make Apple look guilty today – January 3, 2019
CEO Cook issues memo to employees after Apple slashes revenue outlook for the first time in almost two decades – January 3, 2019
Apple’s earnings warning means CEO Tim Cook now has a major credibility problem – January 3, 2019
Loup Ventures: We continue to expect AAPL to outperform the rest of FAANG in 2019 – January 3, 2019
Open thread: Does Apple need new leadership? – January 2, 2019
CEO Tim Cook on why Apple lowered first-quarter revenue forecasts – January 2, 2019
Apple CEO Tim Cook issues public letter to investors, lowers guidance – January 2, 2019
The most annoying things about Apple’s iPhone ‘batterygate’ apology – December 29, 2017
The lawsuit assumes all CEO’s have benefit of foresight and clairvoyance. This too shall pass without reward and ambulance-chasing lawyers with out-turned empty pockets.
Yea The Schaal Firm can get “Mitch McDeere” to pursue that, go to the Cayman Islands, have a good time on the beach, Send the Overcharged Bill to Apple. Lawyers get charged with Extortion, and contempt of court. Case gets dismissed. Next!
I may sound like a broken record but as far as I could observe during the said class period (including another class action just reported by MDN), Tim Cook (because he was the vocal mouth at the time, There might be other exes involved) hyped the X so much. When the X was launched back in Sept/2017, it was touted as having the greatest sales potential, and “supercycle” would happen. Fine. It was his promotion. Nothing illegal. The supercycle never happened. But the 2017 Holiday sales went relatively well. When 2018 came, there had been many reports of Apple slashing orders and sales forecast etc. Some vendors actually suffered quite a bit of loss.
But the most disturbing “fact” was that, when the actual sales later showed, the X was not the No.1 selling iPhone model as Cook has been touting, it was actually the 8 Plus. But through Feb. and Mar. of 2018, Tim Cook was telling journalism outlets that the X was still the No.1 sales item, “selling through the roof”. It was this kind of deceptive uttering that was truly disturbing. Apple knew that the iPhone sales were declining even before the launch of the X, and the X was supposed to be the answer to counter the declining sales, and that’s why Apple was somewhat desperate. Then in 2018 launch, outrageous pricing, the last minute’s announcement of eliminating the unit sales etc. was happening.
If/when any one of these class actions (one already approved) should go through, the truth will come out as anything Apple would say must be under oath and all other facts and speculations will be submitted to be proven in court.
So this is about a two month period!!!! WTF! How can any CEO be expected to exactly match remarks today with what well happen in a few weeks? Crazy.
By the way, if that is the criterion, Monkey Boy should be prosecuted hundreds of times for the mismatch between his statements and what the stock was doing.