share_log

Apple | 8-K: Notice of Pendency and Proposed Settlement of Shareholder Derivative Actions

SEC announcement ·  May 4 04:40
Summary by Futu AI
On May 3, 2024, Apple Inc. filed a Form 8-K report with the SEC, announcing the preliminary approval by the U.S. District Court for the Northern District of California of a proposed settlement for consolidated derivative lawsuits against the company. The lawsuits, which began in 2019, alleged that Apple's executives breached their fiduciary duties by releasing software updates that slowed iPhone performance without customer consent and by making misleading statements about iPhone sales and demand in China. The settlement includes corporate governance reforms that Apple has agreed to adopt, implement, and maintain. These reforms aim to enhance risk oversight, iOS update transparency, and investor disclosure oversight. The settlement also involves a Fee and Expense Amount of $6,000,000 to Plaintiffs' Counsel and Service...Show More
On May 3, 2024, Apple Inc. filed a Form 8-K report with the SEC, announcing the preliminary approval by the U.S. District Court for the Northern District of California of a proposed settlement for consolidated derivative lawsuits against the company. The lawsuits, which began in 2019, alleged that Apple's executives breached their fiduciary duties by releasing software updates that slowed iPhone performance without customer consent and by making misleading statements about iPhone sales and demand in China. The settlement includes corporate governance reforms that Apple has agreed to adopt, implement, and maintain. These reforms aim to enhance risk oversight, iOS update transparency, and investor disclosure oversight. The settlement also involves a Fee and Expense Amount of $6,000,000 to Plaintiffs' Counsel and Service Awards of $5,000 to each plaintiff. A Settlement Fairness Hearing is scheduled for July 16, 2024, where the court will consider final approval of the settlement. Shareholders as of April 29, 2024, have the right to object to the settlement and may appear at the hearing. The report also includes details on the background of the lawsuits, the mediation process, and the terms of the settlement.

This announcement is a separate document:

Doc 1

Doc 2

Doc 3

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content. It is only available to users located outside of China mainland.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.