Lawsuit Filed Against Apple Regarding iPhone Sales

This time, technology giant Apple is in trouble with a lawsuit filed by one of its investors. One of Apple's major investors, Apple and its CEO Tim Cook's He claims he lied to investors by hiding information about iPhone sales that were not doing well.

The lawsuit was filed by the Rhode Island State Employees Retirement System (ERSRI), which provides retirement benefits to state employees. Experts on the subject state that ERSRI has a major investment in Apple. ERSRI's claims are Apple's in late 2018 It is based on the sales of the iPhone XR, XS and XS Max, which it started producing. 

Apple allegedly lied to its investors

Apple held one of its regular investor meetings in November 2018. In meetings with investors, the sales volume of iPhones was shared and inside company information was shared, which gave investors confidence in buying more Apple stock. ERSRI, says that Apple CEO Tim Cook painted a very optimistic picture about iPhone sales rates and the sales success of iPhones up to that time. 

ERSRI, Following the investor meeting held in November 2018, it was announced that revenue estimates had fallen by billions of dollars at the other investor meeting held in January 2019. This statement by Apple caused the company's shares to fall 10 percent in one day. This decline in stocks also affected Apple's market value. $74 billion caused it to fall. 

Applying to the court, ERSRI said that Apple's iPhone sales rates before the meeting in January He says it is not possible for him not to know. ERSRI claims that Apple knew things were going badly at the November meeting, but did not disclose the situation until January. 

Apple is said to reduce iPhone production in November 2018

The lawsuit also alleges that shortly after an investor meeting in November 2018, Apple It also started to reduce iPhone production It is claimed. Allegedly, in mid-November, Apple asked several of its suppliers, including Foxconn, to halt plans for new iPhone production lines. In addition to halting production line plans, it is also claimed that Apple asked an important supplier to reduce shipments in general. 

District Judge Yvonne Gonzalez Rogers, who presided over the case, “Absent some natural disaster or other cause, it is implausible that Cook would not have known that iPhone demand was falling before he cut production lines.” he said. How far is ERSRI involved in this case? of the damage It is not known whether it is, but it suggests that the 10 percent low amount that occurs in one day will be large.