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Apple investors file lawsuit against iPhone maker over alleged securities fraud

Apple has been accused of securities fraud by allegedly withholding information about the extent of struggling iPhone sales

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CEO Tim Cook and CFO Luca Maestri have been named as defendants in the lawsuit

Investors have launched a lawsuit against Apple Inc (NASDAQ:AAPL) on claims the company withheld details about how much iPhone demand had slumped in 2018.

In January, Apple shares fell 10% a day after issuing a revenue warning. The tech giant blamed poor iPhone sales, particularly in China, which has been embroiled in a trade dispute with the US.

Investors who bought shares in Apple two months before the warning have filed a lawsuit against the firm on allegations of securities fraud.

READ: Apple shares plunge after tech giant warns 1Q revenue will be lower than expected

The investors claim Apple knew the extent of the decline in iPhone sales well before it downgraded its revenue forecasts on January 2.

Chief executive Tim Cook and chief financial officer Luca Maestri have been named as defendants in the lawsuit, which was filed in California by the City of Roseville Employees’ Retirement System.

Quick facts: Apple

Price: $202.64

Market: NASDAQ
Market Cap: $915.77 billion
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