Apple reportedly agreed to pay $490 million to settle a class-action lawsuit which alleged CEO Tim Cook defrauded shareholders by withholding information about decreased demand for iPhones in China in 2018.

Reuters reported a preliminary settlement in a case brought by UK local authority Norfolk County Council was filed on 15 March, but requires approval from a judge.

The case was based on comments made by Cook during a Q&A with analysts in November 2018 in which he was pressed for details about its Chinese fortunes along with details of a slowdown in sales in a handful of emerging markets.

Cook stated Apple faced pressure in Turkey, India, Brazil and Russia, but denied China was a problem due to strong results in the previously-reported quarter.

But in early 2019, the tech giant informed investors it would miss its earnings guidance by up to $9 billion, due in part to economic issues in China.

Following those comments, Reuters reported Apple told suppliers to cut production.