The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Apple Inc. (NASDAQGS: AAPL) who purchased shares between August 1, 2018 and January 2, 2019. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Apple lawsuit alleges that (a) the U.S.-China trade war had negatively impacted demand for iPhones and Apple’s pricing power in greater China, one of Apple’s most important growth markets; (b) the rate at which Apple customers were replacing their batteries in older iPhones rather than purchasing new iPhones was negatively impacting Apple’s iPhone sales growth; (c) as a result of slowing demand, Apple had slashed production orders from suppliers for the new 2018 iPhone models and cut prices to reduce inventory; (d) unit sales for iPhone and other hardware was relevant to investors and the Company’s financial performance, and the decision to withhold such unit sales was designed to and would mask declines in unit sales of the Company’s flagship product; and (e) as a result of the foregoing, defendants lacked a reasonable basis in fact when issuing the Company’s revenue outlook for the first quarter 2019 and/or making the related statements concerning demand for its products, as Apple’s business metrics and financial prospects were not as strong as defendants had led the market to believe.
Shareholders have until June 17, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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