Apple
Settlement of In re Apple Inc. Securities Litigation
No. 4:19-cv-02033-YGR
The parties have reached a settlement of this action, pending in the United States District Court for the Northern District of California, Oakland Division. The settlement provides for the payment of $490 million for the benefit of eligible Class Members. Plaintiff Norfolk County Council as Administering Authority of the Norfolk Pension Fund alleged Defendants made materially false and misleading statements and omissions about demand for Apple Inc.'s ("Apple") newly released iPhone and the impact of ongoing economic conditions in China, in violation of §§10(b) and 20(a) of the Securities Exchange Act of 1934. The Complaint further alleged that the false and misleading statements and omissions caused Apple stock to trade at artificially inflated prices, and that, when the true facts were disclosed, Apple’s stock price declined.
The Class consists of all Persons that purchased or otherwise acquired the publicly traded securities of Apple, including purchasers of Apple call options and sellers of Apple put options, during the period from November 2, 2018, through January 2, 2019, inclusive, and who suffered damages by Defendants’ alleged violations of §§10(b) and 20(a) of the Exchange Act. Excluded from the Class are: (i) Apple and the Individual Defendants; (ii) members of the families of each Individual Defendant; (iii) officers and directors of Apple; and (iv) the legal representatives, heirs, successors, or assigns of any such excluded party. Also excluded from the Class is any Person who timely and validly sought exclusion from the Class.
The settlement was approved by the Court on September 18, 2024.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.
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