(Reuters) - Apple ( AAPL ) has reached a $490 million settlement to resolve a class-action lawsuit that alleged Chief Executive Tim Cook defrauded shareholders by concealing falling demand for iPhones in China.

A preliminary settlement was filed on Friday with the U.S. District Court in Oakland, California, and requires a judge's approval.

The lawsuit stemmed from Cook's comment on a Nov. 1, 2018, analyst call that although Apple ( AAPL ) faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, "I would not put China in that category."

On Jan. 2, 2019, Apple ( AAPL ) unexpectedly cut its quarterly revenue forecast by up to $9 billion, blaming U.S.-China trade tensions. Its shares fell 10% the next day, wiping out about $74 billion of market value.

Apple ( AAPL ) and its lawyers did not immediately respond to requests for comment.