Apple Fights Investors’ Cert. Bid In IPhone Sales Dispute
Law360 (July 12, 2021, 6:27 PM EDT) — Apple on Friday urged a California federal court to shoot down a class certification bid from shareholders claiming the tech giant made misleading statements about iPhone sales, arguing that reliance on the purported statements didn’t affect Apple’s stock price and thus couldn’t have caused the claimed losses.
In an opposition, Apple said the investors erroneously insist that the alleged misstatements’ effect can be linked to later stock price declines.
“Here, the subject matter of the first two purported ‘corrective’ statements — decreased iPhone production — does not ‘relate back’ to the subject matter of the alleged misstatement, which concerned Apple’s overall…
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