Norfolk County Council is leading a class-action lawsuit against Apple over the company allegedly misleading investors about the status of its business in China.The council alleges that in late 2018, Apple misrepresented the state of its business in China, the company’s most important growth market at the time.
On 1 November, 2018, Apple held a conference call for analysts and investors to discuss its 2018 fourth quarter financial results.Cook also told investors that Apple would lose about 6 billion euros in profits in January 2019.
In the wake of this, the Norfolk County Council claimed that Cook already knew in November 2018 that the iPhone was not selling well.The company would pay a heavy price if it knew the allegations against Apple were true.
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