INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Apple Inc. Investors (AAPL)
Shareholders with $1,000,000 in losses or more are encouraged to
contact the firm
BENSALEM, Pa.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24AAPL&src=ctag” target=”_blank”gt;$AAPLlt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased 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.
Investors suffering losses on their Apple investments are encouraged to
contact the Law Offices of Howard G. Smith to discuss their legal rights
in this class action at 888-638-4847 or by email to [email protected].
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
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.
If you purchased shares of Apple, have information or would like to
learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire