Shareholders with $1,000,000 in losses or more are encouraged to
contact the firm
Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June
17, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of Apple Inc. (“Apple” or the “Company”) (NASDAQ: AAPL)
investors who purchased securities between November 2, 2018 and
January 2, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to
participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
On January 2, 2019, after the close of the market, Apple announced that
it would miss its previous quarterly revenue forecast for the first time
in fifteen years and reported $84 billion revenue for first quarter
2019, compared to the expected range of $89 billion to $93 billion. The
Company attributed the revenue miss to falling iPhone sales in China and
to price cuts for iPhone battery replacements, which impacted iPhone
sales.
On this news, Apple’s share price fell $15.73 per share or over 9% to
close at $142.19 on January 3, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) the U.S.-China trade war
had negatively impacted demand for iPhones and Apple’s pricing power in
greater China; (2) due to Apple discounting the cost of replacement
batteries to make up for the Company’s prior conduct of intentionally
degrading the performance of the batteries in older iPhones, the rate at
which Apple customers were replacing their batteries in older iPhones,
rather than purchasing new iPhones, was negatively impacting Apple’s
iPhone sales growth; (3) as a result of slowing demand, Apple had
slashed production orders from suppliers for the new 2018 iPhone models
and cut prices to reduce inventory; (4) defendants’ decision to withhold
unit sales for iPhones and other hardware, which was a metric relevant
to investors and their view of the Company’s financial performance, was
designed to and would mask declines in unit sales of the Company’s
flagship product; and (5) as a result, the Company's public statements
were materially false and misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased or otherwise acquired Apple securities during the Class
Period you may move the Court no later than June 17, 2019 to
request appointment as lead plaintiff in this putative class action
lawsuit. To be a member of the class action you need not take any action
at this time; you may retain counsel of your choice or take no action
and remain an absent member of the class action. If you wish to learn
more about this class action, or if you have any questions concerning
this announcement or your rights or interests with respect to the
pending class action lawsuit, please contact Lesley Portnoy, Esquire, of
GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067
at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190507006054/en/
Copyright Business Wire 2019