Summary by Moomoo 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