On March 15th, Apple agreed to pay $490 million to settle a class action lawsuit related to concealing iPhone demand. The lawsuit accuses Apple CEO Tim Cook of exaggerating the demand for iPhones in the Chinese market in 2018 and misleading investors. It is reported that Cook told investors in the analyst conference call on November 1, 2018 that although Apple is facing sales pressure in Brazil, India, Russia, Türkiye and other markets and the local currency depreciates, "I will not put China in this category". A few days later, Apple informed its suppliers to cut production. Apple suddenly announced on January 2, 2019 that it would lower its quarterly revenue forecast by up to $9 billion, marking the first time the company has lowered its revenue forecast since launching the iPhone in 2007. The next day, Apple's stock price fell by 10% and its market value evaporated by $74 billion.