The company Apple has filed a class action lawsuit in the United States. In a lawsuit behalf of the pension Fund of Michigan Roseville company is accused of fraud in shares.
As the plaintiffs argue that Apple deliberately concealed the demand for iPhone because of poor sales in China and warned investors about the program of replacing the battery in 2018. All this has led to the deterioration of sales of the iPhone in the first quarter of 2019 financial year. Apple withheld a decrease in orders from partners-installers. Also referred to the recent decision to classify the Apple sales iPhone, iPad and Mac.
All these factors affected the stock price — they went up to $ 209 per share. Then, when the facts were revealed, the stock price fell to $ 142 in January 2019. According to the plaintiffs, Apple is deliberately withholding information to affect the stock price.
Employees retirement Fund of Roseville have filed a lawsuit to recoup losses from the purchase of Apple stock during the period between November 2018 and January 2019.
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