Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Apple Inc.

Business Wire 7-May-2019 3:43 PM

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.

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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.

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