Stock Slips as Lawsuit Alleges Apple’s Involvement

  • Apple to settle lawsuit over gift card scam
  • Lawsuit alleges Apple benefited from the scam
  • Settlement proposal being drafted
  • Scammers tricked people into buying Apple gift cards
  • Apple kept 30% of stolen gift card funds
  • Apple shares down 6% in four days

Apple has agreed to settle a lawsuit that alleges it benefited from a gift card scam. The lawsuit covered people who fell victim to the scam between 2015 and 2020. Scammers would trick individuals into buying Apple gift cards over the phone, using them to pay for taxes or other bills. The scammers would then redeem the cards for themselves, with Apple keeping 30% of the stolen funds. Apple shares have fallen 6% in the past four days, following concerns about weakening iPhone sales.

Public Companies: Apple (AAPL)
Private Companies:
Key People:

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Factuality Level: 7
Justification: The article provides information about a lawsuit against Apple alleging that the company benefited from a gift card scam. It mentions that Apple has agreed to settle the lawsuit, but does not provide a dollar figure for the settlement. The article also includes information about how the scam worked and the portion of the stolen funds that Apple allegedly kept. It briefly mentions the recent decline in Apple’s stock due to concerns about weakening iPhone sales. Overall, the article provides factual information without any major issues, but it lacks some important details.

Noise Level: 3
Justification: The article provides a brief overview of a lawsuit against Apple regarding a gift card scam. However, it lacks in-depth analysis, evidence, and actionable insights. The article also includes unrelated information about Apple’s stock performance, which is not directly relevant to the lawsuit.

Financial Relevance: Yes
Financial Markets Impacted: Apple’s stock price

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to a lawsuit settlement involving Apple, which can have financial implications for the company and its stock price.

Reported publicly: www.marketwatch.com