Both Apple Inc (NASDAQ:AAPL) and Ford Motor Company (NYSE:F) settled allegations of fraud on Friday in separate cases which they both denied any wrongdoing.
Apple Denies Misleading On China Revenues
Apple has agreed to pay $490 million to a group of investors who accused CEO Tim Cook of making misleading statements in 2018 about the company’s sales outlook.
Cook said in a 2018 analyst call that Apple was facing revenue pressure in emerging markets such as Brazil, Russia and India, but added that China was “not in that category,” CNBC reports.
Three months later on Jan. 2, 2019, Apple cut its quarterly revenue forecast by up to $9 billion citing U.S.-China trade ...