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Case Status:    SETTLED  
—On or around 06/03/2024 (Settlement preliminarily approval)
Current/Last Presiding Judge:  
Hon. Yvonne Gonzalez Rogers

Filing Date: April 16, 2019

According to the Complaint, Apple Inc. is a multinational technology company headquartered in Cupertino, California that designs, develops, and sells consumer electronics, computer software, and online services. The Company’s most well-known products include its iconic iPhone smartphones, the iPad tablet computer, the Mac personal computer, the iPod portable media player, the Apple Watch smartwatch, the Apple TV digital media player, and the HomePod smart speaker.

The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Apple’s business and prospects. Specifically, the Complaint alleges Defendants failed to disclose that: (a) the U.S.-China trade war had negatively impacted demand for iPhones and Apple’s pricing power in greater China; (b) 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; (c) 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; and (d) 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.

On August 14, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 19-CV-02033.

Lead Plaintiff filed a consolidated and amended Complaint on October 15. Defendants filed a Motion to Dismiss the corrected and amended Complaint on December 16. On January 15, 2020, Lead Plaintiff filed a corrected consolidated and amended Complaint.

On June 2, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Lead Plaintiff filed a revised consolidated Complaint on June 23. Defendants filed a Motion to Dismiss the consolidated Complaint on July 13. On November 4, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Lead Plaintiff filed a Motion for Class Certification on May 5, 2021. On February 4, 2022, the Court issued an Order granting in part and denying in part Lead Plaintiff's Class Certification Motion. On March 28, 2023, the Court issued an Order modifying the Class.

Defendants filed a Motion for Summary Judgment on September 9, 2022. On June 26, 2023, the Court issued an Order denying the Motion for Summary Judgment.

The parties entered into a Stipulation of Settlement on March 14, 2024. On June 3, the Court granted preliminary approval of the Settlement.

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