In re Apple Inc. Securities Litig.

Robbins Geller Recovers $490 Million for Apple Investors. Case Focused on CEO Tim Cook’s Statements to Investors About Apple’s Prospects in China. 

In 2024, after five years of litigation, the Firm secured a $490 million recovery in a securities fraud class action case alleging Apple CEO Timothy Cook made false and misleading statements to investors. U.S. District Judge Yvonne Gonzalez Rogers of the Northern District of California approved the settlement in September 2024. 

Key Allegations in the Case 

On an investor conference call in November 2018, Apple allegedly misrepresented the condition of the company’s current business in China, including demand for the iPhone in the region. On the call, Apple stated that the company was not being negatively impacted by deteriorating economic conditions like other emerging markets that it operated in. Four days after the call, Apple substantially reduced iPhone production. But, in January 2019, Apple announced that it would miss its quarterly earnings for the first time in more than 15 years. The reason given for the shortfall of up to $9 billion was weak iPhone sales in Greater China caused by economic problems in that country. This news caused the market price of Apple stock to plunge more than 9%, damaging investors. 

The Firm represented lead plaintiff Norfolk County Council as Administering Authority of the Norfolk Pension Fund on behalf of a worldwide class of Apple investors. The litigation was intensely contested at every stage.  

In November 2020, the court denied in part Apple’s motion to dismiss the case, noting that “plaintiff plausibly alleges that Cook represented that Apple was not experiencing pressure in China [and that] analysts allegedly interpreted the statement in just this way. Furthermore, plaintiff adequately alleges that the statement was false when made.” The court concluded that “plaintiff adequately pleads that the China-related statements were materially false or misleading when made.” 

The Robbins Geller trial team obtained class certification and defeated Apple’s motion for summary judgment, setting the case for jury trial. Shortly before the scheduled trial, Apple offered to pay $490 million to resolve investors’ claims. 

Key Facts About the Apple Settlement 

• Apple was the largest U.S. securities class action recovery of 2024.  

• It is one of the “Top 100 U.S. Class Action Settlements of All-Time,” according to Institutional Shareholder Services. 

• It is the third-largest securities class action recovery ever in the Northern District of California and the fifth-largest such recovery ever in the Ninth Circuit.  

The case received sustained attention from tech and legal industry experts worldwide.  The following articles provide more in-depth coverage of the case and the key decisions and tactics that contributed to the outcome. 

• “A bite of the apple” - European Pensions 

• “Norfolk humbles the mighty Apple with £380m pension fund win,” The Times UK 

• “Litigators of the Week: Robbins Geller Lands $490M Securities Settlement in Case Over Apple’s Prospects in China” - The AmLaw Litigation Daily 

• “Apple to Pay $490 Million to Settle Lawsuit Over Tim Cook’s China Comments,” The Wall Street Journal 

• “Case study: How Norfolk led $490m legal victory against Apple” - Local Government Chronicle 

Robbins Geller attorneys Shawn A. Williams, Mark Solomon, Jason A. Forge, Daniel J. Pfefferbaum, Kenneth J. Black, and Hadiya K. Deshmukh represented Apple investors. 

In re Apple Inc. Securities Litigation, No. 4:19-cv-02033-YGR (N.D. Cal.).