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Apple settles class-action shareholder lawsuit for $490 million.
The iPhone maker was accused of defrauding shareholders when it cut its quarterly revenue forecast by up to $9 billion in 2019 due to US-China trade tensions. That announcement literally decimated its share price, just a couple of months after CEO Tim Cook declined to put China in the same category as other emerging markets where Apple faced sales pressure.
Reuters notes that the settlement, which covers any investors who bought shares in those two months, amounts to under two days of profit for Apple.
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