iTWire - Judge clears way for Apple shareholders' case over Cook comments
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Wednesday, 28 June 2023 10:26
Judge clears way for Apple shareholders' case over Cook comments Featured
By Sam Varghese
A class-action lawsuit against Apple over a 2018 comment by its chief executive, Tim Cook, about sales in China, will go ahead with a US judge giving the green light on Monday for accusations of defrauding shareholders to be tested in court.
Reuters reported that District Judge Yvonne Gonzalez Rogers' decision would allow Apple shareholders, led by a British pension fund, to sue the Cupertino-based firm over a one-day fall in its stock price that erased US$74 billion (A$110.8 billion) in market value.
During an analyst call on 1 November 2018, Cook told analysts on a call that sales in China did not face the same pressure as those in Brazil, India, Russia and Turkey due to the fall in the value of those countries' currencies.
"Starting with emerging markets, the emerging markets that we're seeing pressure in are markets like Turkey, India, Brazil, Russia. These are markets where currencies have weakened over the recent period," Cook said, according to a transcript of the call.
"To give you a perspective of some detail, our business in India in Q4 was flat. Obviously we would like to see that be a huge growth. Brazil was down somewhat compared to the previous year.
"And so I think or at least the way that I see these is each one of the emerging markets has a bit of a different story and I don't see it as some sort of issue that is common between those for the most part.
"In relation to China specifically, I would not put China in that category. Our business in China was very strong last quarter — we grew 16%, which we're very happy with. iPhone, in particular, was very strong double-digit growth there."
However Apple's suppliers were told a few days later to decrease output. On 2 January 2019, Apple cut its revenue forecast for that quarter by up to US$9 billion.
The revised forecast was blamed on the US-China trade tensions which began to rise in 2018. Apple shares fell by 10% on 3 January.
Justice Rogers said Apple was aware of slowing demand in China before Cook made his remarks.
Lawyer for the plaintiffs, Shawn Williams, said: "We are pleased with the ruling and look forward to presenting the facts to a jury."
The plaintiff is the Norfolk County Council as Administering Authority of the Norfolk Pension Fund, which is based in Norwich, England.
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