A class action suit for damages amounting to US$999.9 billion was filed on December 28 in the United States against Apple, whose maximum aggregate market value is US$900 billion. Similar lawsuits are likely to be filed in a number of countries, including Israel and South Korea.
“We began to gather people to participate in a suit against Apple at 10:00 a.m., December 28 and the number exceeded 5,000 at 4:00 p.m.,” said South Korean law firm Hannuri Law. The number is likely to keep rising over time. The law firm is planning to gather litigation participants until January 11, 2018.
Apple admitted on December 20 that it intentionally lowered the performance of iPhones in order to prevent a decline in battery performance. Since then, market research firms around the world have lowered their iPhone X sales forecasts one after another. One of them adjusted its shipments forecast for the first quarter of next year from 30 million units to 25 million units and another one from 45 million to 35 million. It is also said that Apple itself lowered its forecast from 50 million to 30 million.
The Apple share price fell 2.5% on December 26. In Europe, the share prices of companies supplying components to Apple are on the decline. In South Korea, the Korea Communications Commission (KCC) is urging Apple to explain about the iPhone battery scandal. The KCC has the right to investigate consumer rights infringement by domestic and foreign broadcasting and telecom companies. In this regard, it is said that the KCC will initiate its investigation sooner or later.