01:55 PM EDT, 03/15/2024 (MT Newswires) -- Apple ( AAPL ) shares fell 1.2% in recent Friday trading after the company agreed to pay $490 million to settle a class action lawsuit over a fraud allegation against Chief Executive Officer Tim Cook.

An unopposed motion was filed Friday by lawyers of the complainants with the US District Court in Oakland, California, seeking preliminary court approval of the proposed settlement.

Cook was accused of making "materially false and misleading statements and omissions" about iPhone demand and Apple's ( AAPL ) business in China during a November 2018 analysts call, causing Apple ( AAPL ) shares to trade at "artificially inflated prices," according to the filing.

"When the true facts were disclosed, Apple's ( AAPL ) stock price declined," the filing said.

Apple ( AAPL ) did not immediately respond to MT Newswires' request for comment.

Price: 170.91, Change: -2.09, Percent Change: -1.21