09:27 AM EDT, 03/15/2024 (MT Newswires) -- Apple ( AAPL ) has settled for $490 million a class-action lawsuit alleging that Chief Executive Tim Cook defrauded investors, Reuters reported.

The preliminary settlement was filed Friday with the US District Court in Oakland, California, and must be approved by a judge, Reuters said.

The suit alleged Cook obscured data showing falling demand for iPhones in China during a November 2018 analyst call, Reuters reported.

Several months later, Apple ( AAPL ) announced declining sales, wiping out about $74 billion of market value in one day, according to the report.

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

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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