Apple settles lawsuit for $490 million that alleged CEO Tim Cook of misleading investors over iPhone demand in China
Judge Gonzalez Rogers will now oversee a hearing on April 30 to discuss the settlement and she will be asked to sign off on it. As a Class Action suit, investors who purchased Apple stock in late 2018 could be in line to receive part of the $490 million settlement but not before the attorney’s take up to $122 million, or about 25% of the settlement figure, off the top for their legal fees.
Since Cook’s warning that led to the cratering of Apple’s shares, the stock has more than quadrupled adding $2 trillion to investor’s wallets.