CEO Tim Cook holding the billionth iPhone. (Photo: Apple)

A lawsuit filed on behalf of investors alleges that Apple has concealed details about the volume of iPhone sales accumulated in 2018 and is seeking financial compensation.

Apple launched three new iPhones in 2018, the XS, XS Max and XR, the XS Max being the most expensive iPhone of all time, starting at $ 1,099. Together, iPhone sales dropped by 15%.

On January 2 of this year, Apple CEO Tim Cook wrote a an extraordinary and unprecedented letter to investors, explaining that sales were below expectations, and revising downward forecasts of $ 9 billion for the quarter.

"While Greater China and other emerging markets have accounted for the vast majority of a year-over-year decline in iPhone revenue, in some developed markets, iPhone upgrades have not improved. Were not as powerful as we thought. "

Intel was the only modem provider for the iPhone XS. (Photo: Apple)

After Cook's announcement, Apple's shares suffered a huge shock, yielding a market value of $ 74 billion.

The complaint says that Apple knew how bad the image was for iPhone sales well before January 2, and by withholding this information, she committed securities fraud.

According to San Jose Mercury News indicates that anyone who purchased Apple stock between November 2, 2018 and January 2, 2019 should register to be part of the lawsuit.

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Apple's chief financial officer, Luca Maestri, has also been named in the lawsuit filed by the employee retirement system of the city of Roseville, a Michigan pension plan.

Apple has not responded to our request for comment

Follow Jefferson Graham (@jeffersongraham) from the United States on Twitter.

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