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Norfolk County Council has won a £384m payout from Apple after it claimed the company misled predictions about iPhone demand in China.In 2018, Apple, its chief executive Tim Cook and its chief financial officer Luca Maestri were accused of misleading shareholders about iPhone demand in China.Mr Cook had told investors that while Apple was seeing pressure in some emerging markets he did not believe demand would be down in China.
Yet two months later the company issued a profit warning blaming weak demand in China, something that caused an 8% drop in its share price.Norfolk County Council claimed that Mr Cook must have known at the time that sales in China were starting to slow down. The council claimed that this cost its pension fund almost $1m.Now, after a five-year-lawsuit, Apple has agreed to pay shareholders the sum after settling with the council, The Telegraph reports.
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