The lawsuit is against Apple executives and board members. Shareholders want to recover damages resulting from violations of fiduciary obligations (asset management obligations) of management. In particular, we are talking about the incorrect behavior of Apple’s management in the situation with group actions of users related to the slowdown of the iPhone due to software updates.
Shareholders are sure that the company should not have released such an update, because all this ultimately led to a decrease in smartphone sales and, as a result, financial losses. The plaintiffs also believe that there are signs of collusion in the actions of the Apple leadership.