News

Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Apple Inc. Investors

Shareholders with $1,000,000 in losses or more are encouraged to
contact the firm

LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24AAPL&src=ctag” target=”_blank”gt;$AAPLlt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–Glancy
Prongay & Murray LLP
(“GPM”), a national investors rights law
firm, announces that a class action lawsuit has been filed on behalf of
investors that acquired Apple Inc. (“Apple” or the “Company”) (NASDAQ: AAPL)
securities between November 2, 2018 and January 2, 2019, inclusive
(the “Class Period”). Apple investors have until June 17, 2019 to
file a lead plaintiff motion.

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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Apple during the Class Period you may move
the Court no later than June 17, 2019 to ask the Court
to appoint you as lead plaintiff. To be a member of the Class 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. 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, 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.

Contacts

Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com

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