Apple Hit With Securities Fraud Lawsuit for Hiding iPhone Sales Drop
Apple is facing a class action lawsuit accusing the company of securities fraud for making false statements and failing to disclose adverse information regarding its business prospects. These actions allegedly led to an artificially inflated stock price.
Specifically, the lawsuit claims that Apple was not initially forthcoming about a drop in demand for the iPhone due to poor sales in China and the 2018 battery replacement program, both of which contributed to lower than expected iPhone sales in the first fiscal quarter of 2019.

Apple is also accused of hiding the fact that production orders from suppliers had been slashed and prices had been cut, Apple's decision not to provide unit sales for iPhones and other hardware is also cited as a method Apple used to cause stock prices to rise to $209 per share.
When Apple did reveal the dip in iPhone sales and announced that it would not make its quarterly revenue forecast, Apple's stock fell $15 per share from $157.92 on January 2 to $142.19 per share on January 3. According to the lawsuit, Apple knew its iPhone sales weren't on track months before the information was shared.
The lawsuit, filed by the City of Roseville employees' retirement fund, is aiming to recover damages on behalf of people who purchased Apple stock between November 2, 2018 and January 2, 2019. Tim Cook and Luca Maestri are both named as defendants.
Update: A second law firm has filed a class action lawsuit against Apple, which is essentially identical to the first lawsuit. It also accuses Apple of securities fraud for concealing the iPhone's decline in sales.
Popular Stories
We are still waiting for the iOS 26.3 Release Candidate to come out, so the first iOS 26.4 beta is likely still at least a week or two away. Following beta testing, iOS 26.4 will likely be released to the general public in March or April.
Below, we have recapped known or rumored iOS 26.3 and iOS 26.4 features so far.
iOS 26.3
iPhone to Android Transfer Tool
iOS 26.3 makes it easier...
The calendar has turned to February, and a new report indicates that Apple's next product launch is "imminent," in the form of new MacBook Pro models.
"All signs point to an imminent launch of next-generation MacBook Pros that retain the current form factor but deliver faster chips," Bloomberg's Mark Gurman said on Sunday. "I'm told the new models — code-named J714 and J716 — are slated...
In 2022, Apple introduced a new Apple Home architecture that is "more reliable and efficient," and the deadline to upgrade and avoid issues is fast approaching.
In an email this week, Apple gave customers a final reminder to upgrade their Home app by February 10, 2026. Apple says users who do not upgrade may experience issues with accessories and automations, or lose access to their smart...
Last year, Apple launched CarPlay Ultra, the long-awaited next-generation version of its CarPlay software system for vehicles. Nearly nine months later, CarPlay Ultra is still limited to Aston Martin's latest luxury vehicles, but that should change fairly soon.
In May 2025, Apple said many other vehicle brands planned to offer CarPlay Ultra, including Hyundai, Kia, and Genesis.
In his Powe...
Apple's first foldable iPhone will feature relocated volume buttons, an all-black camera plateau, a smaller Dynamic Island, and more, according to design leaks from a known Weibo leaker.
The user known as "Instant Digital" today claimed to share several key details about the design of the foldable iPhone:
The volume buttons will be located on the top edge of the device, aligned to the...