Apple is facing a shareholder lawsuit that accuses the company of securities fraud for allegedly misleading investors about the readiness of its AI integration into Siri—a key feature expected in upcoming iPhones.
Key Allegations:
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Lawsuit Filed: June 21, 2025, in San Francisco federal court (Case No. 25-05197).
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Lead Plaintiff: Eric Tucker, representing shareholders in a proposed class action.
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Defendants: Apple Inc., CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri.
Core Claims:
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AI Misrepresentation: Shareholders allege Apple overstated its progress in integrating AI into Siri, particularly around its Apple Intelligence features, showcased at WWDC 2024.
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Lack of Prototype: It’s claimed Apple did not have a functional AI-based Siri prototype ready and couldn’t reasonably expect it to be available for iPhone 16.
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Investor Impact: Many investors bought shares expecting AI-driven sales boosts, but reality fell short.
Timeline of Concern:
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March 7, 2025: Apple reportedly delayed some Siri upgrades to 2026, raising red flags.
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June 9, 2025 (WWDC): Despite launching Apple Intelligence, analysts were underwhelmed by the lack of immediate, game-changing AI features.
Financial Impact:
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Since the stock peak on December 26, 2024, Apple’s value has dropped nearly 25%, wiping out around $900 billion in market cap.
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Shareholders claim “hundreds of billions” in losses could have been avoided with clearer communication.
Current Status:
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Apple has not publicly responded to the lawsuit.
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Legal proceedings are just beginning and could result in settlements, policy changes, or dismissal depending on how the court evaluates the merit of the allegations.
This case reflects broader investor sensitivity to AI-driven expectations in tech stocks, and could influence how Apple handles future product disclosures—especially with the iPhone 16 launch approaching.
