Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Apple Inc.
Business Wire 6-May-2019 5:51 PM
Shareholders with $1,000,000 in losses or more are encouraged to
contact the firm
Law Offices of Howard G. Smith reminds investors of the upcoming June
17, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors who purchased Apple Inc. ("Apple"
or the "Company") (NASDAQ: AAPL)
securities between November 2, 2018 and January 2, 2019,
inclusive (the "Class Period").
Investors suffering losses on their Apple investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.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.
If you purchased shares of Apple during the Class Period you may move
the Court no later than June 17, 2019 to ask the Court
to appoint you as lead plaintiff if you meet certain legal requirements.
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 these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.
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/20190506005808/en/
