As noted by AppleInsider, a class action complaint — the second one — takes issue with comments made by Apple CEO Tim Cook and Chief Financial Office Luca Maestri in the quarter leading up to a revenue guidance correction in January.
The complaint, filed with the U.S. District Court for the Northern District of California, is a securities fraud class action on behalf of all purchasers of Apple securities between Nov. 2, 2018, and Jan. 2, 2019. It accuses Apple and the execs of violations of the federal securities law.
The first class action lawsuit regarding the matter was filed last month. The City of Roseville Employees’ Retirement System, filing on behalf of all Apple stockholders, also seeks “redress for violation of federal securities laws.”
The lawsuits claim that Apple is misleading in its generally rosy predictions for upcoming financial results due to slowing iPhone sales and other issues. It claims that the misrepresentations alleged would tend to induce a reasonable investor to misjudge the value of Apple common stock.
