Apple Chipmaker Skyworks Leadership Sued Over Record Stock Drop

Skyworks Solutions Inc. management overstated its competitiveness in the smartphone upgrade market before announcing its Apple Inc. business share would shrink, leading to its biggest stock slide since 1987, a shareholder derivative action said.

Share prices plummeted almost 25% on Feb. 6, the day after the chipmaker announced future financial impacts from Apple’s retreat and lower-than-hoped second fiscal quarter of 2025 revenue guidance, said the complaint filed in the US District Court in the Central District of California. It was the biggest single-day fall for the stock in over 37 years, according to data compiled by Bloomberg.

Skyworks’ chief financial ...