Apple, Investors Reach $490 Million Settlement in Fraud Case (1)

Apple Inc. reached a $490 million settlement of a class-action lawsuit brought by a group of investors who accused Chief Executive Officer Tim Cook of misleading them in 2018 about the company’s sales prospects.

Cook made false statements about the company’s business in China that caused Apple stock to trade at artificially inflated prices, the investors said in their complaint, which alleged violation of securities laws. Lawyers disclosed the proposed settlement in a request for judicial approval filed Friday in federal court in Oakland, California.

The settlement comes as Apple continues to face headwinds in China, where iPhone sales fell ...