The US giant Apple has agreed to pay 490 million dollars to settle a class action lawsuit filed after CEO Tim Cook's statements that he misled investors regarding a sharp decline in iPhone sales in China.

The slowdown in sales has in fact culminated in a shocking revision of the company's revenue forecasts. 

The preliminary settlement filed in Federal Court stems from a shareholder lawsuit centered on how Apple conveyed information about the performance of iPhone models released in September 2018 in China.

The complaint alleged that Cook signaled that the iPhone was off to a good start on a conference call with investors in early November 2018, then warned in early January 2019 of a significant drop in sales.

On that occasion, Cook said that Apple was having difficulties in countries such as India, Russia, Turkey and Brazil due to the weakness of currencies, but that this would not be the case in China due to the strength of the brand in the " Asian giant".

However, in January 2019 Apple cut its quarterly sales forecast by several billion dollars due to the performance of the US and Chinese markets.

As a result, shares fell by 10% on the stock market and Apple lost around 74 billion dollars (67.947 billion euros) in capitalization.