<p>A US judge has rejected Apple's bid to throw out a class-action lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China.</p>.<p>US District Judge Yvonne Gonzalez Rogers' decision late Monday night clears the way for shareholders led by a British pension fund to sue over a one-day plunge that wiped out $74 billion of Apple's market value.</p>.<p>The lawsuit stemmed from Cook's comment on a Nov. 1, 2018, analyst call that while Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, "I would not put China in that category."</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/apple-ceo-tim-cook-uses-chatgpt-but-hes-also-wary-1225683.html" target="_blank">Apple CEO Tim Cook uses ChatGPT, but he's also wary</a></strong></p>.<p>Apple told suppliers a few days later to curb production, and on Jan. 2, 2019, unexpectedly slashed its quarterly revenue forecast by up to $9 billion, blaming US-China trade tensions.</p>.<p>The lowered revenue forecast was Apple's first since the iPhone's launch in 2007, and the Cupertino, California-based company's shares fell 10% the next day.</p>.<p>Judge Rogers, based in Oakland, California, said jurors could reasonably infer that Cook was discussing Apple's sales outlook in China, not past performance or the impact of currency changes.</p>.<p>The judge also said that prior to Cook's comment, Apple knew China's economy had been slowing and had data suggesting that demand could fall.</p>.<p>"A reasonable jury could find that failure to disclose these risks caused plaintiff's harm," Rogers wrote.</p>.<p>Apple and its lawyers did not respond on Tuesday to requests for comment.</p>.<p>Shawn Williams, a lawyer for the shareholders, said: "We are pleased with the ruling and look forward to presenting the facts to a jury."</p>.<p>The lead plaintiff is the Norfolk County Council as Administering Authority of the Norfolk Pension Fund, located in Norwich, England.</p>.<p>Apple's share price has approximately quintupled since January 2019, giving the company a market value near $3 trillion.</p>.<p>The case is In re Apple Inc Securities Litigation, US District Court, Northern District of California, No. 19-02033. (Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)</p>
<p>A US judge has rejected Apple's bid to throw out a class-action lawsuit that accused Chief Executive Tim Cook of defrauding shareholders by concealing falling demand for iPhones in China.</p>.<p>US District Judge Yvonne Gonzalez Rogers' decision late Monday night clears the way for shareholders led by a British pension fund to sue over a one-day plunge that wiped out $74 billion of Apple's market value.</p>.<p>The lawsuit stemmed from Cook's comment on a Nov. 1, 2018, analyst call that while Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, "I would not put China in that category."</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/apple-ceo-tim-cook-uses-chatgpt-but-hes-also-wary-1225683.html" target="_blank">Apple CEO Tim Cook uses ChatGPT, but he's also wary</a></strong></p>.<p>Apple told suppliers a few days later to curb production, and on Jan. 2, 2019, unexpectedly slashed its quarterly revenue forecast by up to $9 billion, blaming US-China trade tensions.</p>.<p>The lowered revenue forecast was Apple's first since the iPhone's launch in 2007, and the Cupertino, California-based company's shares fell 10% the next day.</p>.<p>Judge Rogers, based in Oakland, California, said jurors could reasonably infer that Cook was discussing Apple's sales outlook in China, not past performance or the impact of currency changes.</p>.<p>The judge also said that prior to Cook's comment, Apple knew China's economy had been slowing and had data suggesting that demand could fall.</p>.<p>"A reasonable jury could find that failure to disclose these risks caused plaintiff's harm," Rogers wrote.</p>.<p>Apple and its lawyers did not respond on Tuesday to requests for comment.</p>.<p>Shawn Williams, a lawyer for the shareholders, said: "We are pleased with the ruling and look forward to presenting the facts to a jury."</p>.<p>The lead plaintiff is the Norfolk County Council as Administering Authority of the Norfolk Pension Fund, located in Norwich, England.</p>.<p>Apple's share price has approximately quintupled since January 2019, giving the company a market value near $3 trillion.</p>.<p>The case is In re Apple Inc Securities Litigation, US District Court, Northern District of California, No. 19-02033. (Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)</p>