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Apple Faces Second Class Action Lawsuit Threat Over Failing to Warn Investors About Slowing iPhone Demand
New York-based law firm Bronstein, Gewirtz & Grossman has announced it is investigating whether Apple and certain executives violated U.S. federal securities laws after the company lowered its revenue guidance by up to $9 billion for the first quarter of its 2019 fiscal year earlier this week.
The law firm is conducting the investigation on behalf of AAPL shareholders, with potential for a class action lawsuit, and encourages affected investors to obtain additional information and assist the investigation by visiting its website.
Bernstein Liebhard LLP, another New York-based investor rights law firm, launched a nearly identical investigation of Apple earlier this week.
Apple CEO Tim Cook in a letter to shareholders this week disclosed that Apple's revenue for the quarter just ended will be approximately $84 billion, significantly lower than its original guidance of $89 billion to $93 billion, due to "lower than anticipated iPhone revenue, primarily in Greater China."
Both investigations contrast the positive language that Cook has previously used when speaking about China with the weaker language used in his letter to shareholders this week, in which he said Apple "did not foresee the magnitude of the economic deceleration, particularly in Greater China."
AAPL closed at $142.19 on Thursday, down 36 percent from a closing price of $222.22 on November 1, immediately prior to Apple's last earnings report. As a result, Apple's market valuation has plunged from a peak of around $1.1 trillion to under $700 billion, falling behind rivals Amazon, Microsoft, and Google.
The law firm is conducting the investigation on behalf of AAPL shareholders, with potential for a class action lawsuit, and encourages affected investors to obtain additional information and assist the investigation by visiting its website.
Bernstein Liebhard LLP, another New York-based investor rights law firm, launched a nearly identical investigation of Apple earlier this week.
Apple CEO Tim Cook in a letter to shareholders this week disclosed that Apple's revenue for the quarter just ended will be approximately $84 billion, significantly lower than its original guidance of $89 billion to $93 billion, due to "lower than anticipated iPhone revenue, primarily in Greater China."
Both investigations contrast the positive language that Cook has previously used when speaking about China with the weaker language used in his letter to shareholders this week, in which he said Apple "did not foresee the magnitude of the economic deceleration, particularly in Greater China."
On January 2, 2019, Apple revealed that its revenue for the first fiscal quarter of 2019 would be more than 7% lower than it expected because of "[l]ower than anticipated iPhone revenue, primarily in Greater China, [which] accounts for all of [Apple's] revenue shortfall to [its] guidance and for much more than [its] entire year-over-year revenue decline."In other words, both law firms are investigating whether Apple failed to warn investors about slowing iPhone demand, particularly in China.
Conversely, on November 1, 2018 CEO Tim Cook stated during Apple's fourth quarter 2018 conference call, that "[o]ur business in China was very strong last quarter. We grew 16%, which we're very happy with. iPhone in particular was very strong, very strong double-digit growth there."
AAPL closed at $142.19 on Thursday, down 36 percent from a closing price of $222.22 on November 1, immediately prior to Apple's last earnings report. As a result, Apple's market valuation has plunged from a peak of around $1.1 trillion to under $700 billion, falling behind rivals Amazon, Microsoft, and Google.
Tag: AAPL
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Top Rated Comments
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11 weeks ago
It’s all down from here :(
No it really isn’t.
This lawsuit is pure garbage. Class actions like this are why lawyers get bad rep.
No Apple isn’t doomed.
Move on ladies and gentlemen.
11 weeks ago
It’s just getting worse and worse for Apple, this might not be anything because it’s a class action, but there’s really nothing good I have seen about Apple for a while now...
I’ll be honest but few weeks ago I got a chance to play around with one of the android phones and was fascinated by many tasks it was performing as well as the awesome “hey google”.
I am really considering giving it a try for my next phone purchase.
I’ll be honest but few weeks ago I got a chance to play around with one of the android phones and was fascinated by many tasks it was performing as well as the awesome “hey google”.
I am really considering giving it a try for my next phone purchase.
11 weeks ago
Two law firms announcing on social media that they're investigating if there's even a case is pretty far removed from two law firms have filed a case in court. These are just opportunistic 'ambulance chaser' firms trying to bill out millions in fees in the form of class action suits so investors can each get $25 on the backs of opportunistic lawyers.
11 weeks ago
Even with them adjusting the guidance doesn't it still come out to their second biggest quarter ever...?
And highest EPS quarter ever.This will go nowhere. I’m an investor and even I don’t think Apple did anything wrong here. Sometimes you have to put on your big boy pants and understand we live in reality.
This was always a risk and Apple disclosed that it happened in China and emerging markets. Proving when they knew and when they needed to tell investors will be impossible.
11 weeks ago
People who don’t understand stocks or markets will think this is serious.
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Rich people problems.
Not only rich people own stocks.
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