The City of Roseville employee’s retirement fund is suing Apple over alleged securities fraud. Tim Cook and Luca Maestri are listed as defendants.
Specifically, the lawsuit claims that Apple was not initially forthcoming about a drop in demand for the iPhone due to poor sales in China and the 2018 battery replacement program, both of which contributed to lower than expected iPhone sales in the first fiscal quarter of 2019.
Check It Out: Tim Cook, Luca Maestri Sued For Alleged Securities Fraud