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I have searched around and have not been able to find others having this issue so I wanted to create a case to see if anyone else was encountering this.
I am currently using the latest Drupal Colorbox version along with Colorbox 22.214.171.124 and mobile devices (iPhone and iPad) are rendering as they should be.
However as soon as I upgrade to any newer version of Colorbox all overlays are fixed to the top left of the mobile browser and the size is incorrect, rendering the colorbox unusable.
If anyone has any suggestions/fixes or can even confirm this that would be great.