Robbins Geller Leads Record $490 Million Recovery in Securities Fraud Class Action Against Apple

After five years of litigation, investors led by Norfolk County Council as Administering Authority of the Norfolk Pension Fund secured final approval of a $490 million recovery in a securities fraud class action case alleging Apple CEO Timothy Cook made false and misleading statements to investors. The recovery is the third-largest securities class action recovery ever in the Northern District of California and the fifth-largest such recovery ever in the Ninth Circuit. 

“This litigation was intensely contested at every stage, and we’re very pleased with the result for Apple investors. Our client’s determination to pursue the case to the brink of trial made all the difference here,” said Shawn A. Williams, partner at Robbins Geller Rudman & Dowd LLP and lead counsel for investors.

In the order granting final approval of the settlement, the court recognized the “skill and strategic vision, as well as the risk taken by [Robbins Geller]” in securing the sizeable recovery while efficiently managing the “uniquely complex” aspects of the case against “highly sophisticated and experienced counsel and defendants.”

In November 2018, Apple allegedly misrepresented the condition of the company’s current business in Greater China, including the impact of the slowing economy in China and demand for the iPhone in the region. Two months later, in January 2019, Apple pre-announced that it would miss its quarterly earnings for the first time in more than 15 years and gave the reason as weak iPhone sales in Greater China caused by economic problems in that country. This news caused the market price of Apple stock to plunge more than 9%, resulting in significant losses for investors. Apple and its executives admitted no wrongdoing as part of the settlement.

“The recovery in this case is a reference point for shareholder-led accountability. A committed U.K. fund led this case to the brink of trial against one of the most powerful companies on the planet, securing accountability and a historic result for Apple investors worldwide,” said Mark Solomon, Robbins Geller partner.

Robbins Geller attorneys Shawn A. Williams, Mark Solomon, Daniel J. Pfefferbaum, Jason A. Forge, Kenneth J. Black, Hadiya K. Deshmukh, and Jacob G. Gelman represented lead plaintiff Norfolk County Council as Administering Authority of the Norfolk Pension Fund and a class of Apple investors.

About Robbins Geller

Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms, representing plaintiffs in securities fraud, shareholder derivative, antitrust, corporate takeover, and consumer fraud and privacy cases. With 200 lawyers in 10 offices, Robbins Geller is one of the world’s largest plaintiffs’ firms and the Firm’s attorneys have obtained many of the largest securities, antitrust, and consumer class action recoveries in history.

Over the last decade, our Firm has been ranked #1 on the ISS Securities Class Action Services law firm rankings for six out of the last ten years for securing the most monetary relief for investors. In the last four years, Robbins Geller recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm during that time. The Firm secured the largest-ever securities fraud class action settlement – $7.2 billion – in In re Enron Corp. Securities Litigation.

For media inquiries, please contact media@rgrdlaw.com or call (619) 338-3821.

In re Apple Inc. Sec. Litig., No. 4:19-cv-02033-YGR (N.D. Cal.).