Tech

Apple investors launch class action over iPhone demand slump

Apple has been accused of securities fraud for allegedly concealing a slump in iPhone demand, which sparked a $74bn (£57bn) slide in the tech giants market value.

Investors that bought Apple stock in the two months before chief executive Tim Cook reduced the companys quarterly revenue forecast by as much as $9bn in January have filed a lawsuit against the firm.

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The company blamed the cut to revenue forecast, which was the first time the firm had reduced its estimates since the iPhones launch in 2007, in part on the intensifying US trade war with China.

Apples share price fell 10 per cent the following day, leaving the companys market value around 40 per cent below its $1.1 trillion peak three months earlier.

Cook and chief financial officer Luca Maestri have been named as defendants in the proposed class action.

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