Apple sued for ‘misrepresenting’ its true financial situation

Another day, another lawsuit. As noted by AppleInsider, a class action lodged with the U.S. District Court for the Northern District of California, the City of Roseville Employees' Retirement System, filing on behalf of all Apple stockholders, seeks redress for violation of federal securities laws. 

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The lawsuit claims that Apple is misleading in its generally rosy predictions for upcoming financial results due to slowing iPhone sales and other issues. It claims that the misrepresentations alleged would tend to induce a reasonable investor to

misjudge the value of Apple common stock. The plaintiffs want a trial by jury and compensatory damages “sustained as a result of the defendant’s [Apple] wrongdoing.”