Apple reached a settlement agreement of $490 million to resolve a class-action lawsuit concerning statements made by CEO Tim Cook in late 2018 about iPhone sales in China, according to a new report by Reuters.

The lawsuit originated from a significant revision to Apple’s projected revenue for the first quarter of 2019. During an analyst call in November 2018, Cook addressed challenges related to weakening currencies in specific markets, but explicitly excluded China from that discussion. Shortly after, reports emerged suggesting Apple had instructed suppliers to reduce production.

However, in an announcement on January 2 2019, Apple unexpectedly lowered its quarterly revenue forecast by up to $9 billion, citing tensions in the US-China trade relationship as a primary reason. This marked the first time Apple had adjusted its revenue outlook downwards since the iPhone’s debut in 2007. The news triggered a 10% decline in Apple’s share price the following day, resulting in an estimated $74 billion loss in market value.

The lawsuit contended that Cook’s prior statements regarding Chinese sales performance were misleading and that Apple failed to adequately disclose potential risks associated with the Chinese market. While Apple maintained its position of no wrongdoing, they opted to settle the case to avoid further legal proceedings and associated costs.

The settlement encompasses investors who purchased Apple shares between November 1, 2018, and January 2, 2019. Lawyers representing the shareholders consider this a successful outcome, and they may seek legal fees of up to 25% of the settlement amount.

It’s worth noting that Apple’s financial health has seen significant improvement since the events in question. The company’s share price has climbed more than fourfold since January 2019, and their current market value exceeds $2.6 trillion.