A New York Law firm is Preparing to Launch a Class Action Lawsuit against Apple for this Week's Preannouncement
Apple's preannouncement this week has set a New York law firm into high gear smelling blood in the water. We're learning that Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers Apple Inc. ("Apple" or the "Company") (NASDAQ: AAPL). The investigation concerns whether Apple and certain of its officers and/or directors have violated federal securities laws.
On January 2, 2019, Apple revealed that its revenue for the first fiscal quarter of 2019 would be more than 7% lower than it expected because of "lower than anticipated iPhone revenue, primarily in Greater China, [which] accounts for all of [Apple's] revenue shortfall to [its] guidance and for much more than [its] entire year-over-year revenue decline."
Conversely, on November 1, 2018 CEO Tim Cook stated during Apple's fourth quarter 2018 conference call, that "[o]ur business in China was very strong last quarter. We grew 16%, which we're very happy with. iPhone in particular was very strong, very strong double-digit growth there." Following this news, Apple stock dropped $11.97 per share, or roughly 7.5%, during aftermarket trading hours on January 2, 2019.
The lawsuit's bottom line: "As a result of Defendants' wrongful acts and omissions, and precipitous decline in the market value of Apple's securities, Plaintiff and other Class members have suffered significant losses and damages."
Below is a Scribd Document presenting the full complaint that Bronstein, Gewirtz & Grossman, LLC has prepared should their investigation support a class action.
Jan 4, 2019 - Apple Inc- Co... by Jack Purcher on Scribd
The law firm lastly notes that "If you are aware of any facts relating to this investigation, or purchased Apple shares, you can contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484."