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3w ago

Apple Faces Shareholder Lawsuit Over Exaggerated AI Progress

Investors claim the company misled about Siri AI readiness, triggering steep stock losses

New York, NY, USA - July 9, 2022: The Apple flagship store on the Fifth Avenue in NYC. Apple, Inc. is an American multinational technology company headquartered in Cupertino, California.
This illustration photograph taken on October 30, 2023, in Mulhouse, eastern France, shows figurines next to a screen displaying a logo of Siri, a digital assistant of Apple Inc. technology company.
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Overview

  • The lawsuit Tucker v. Apple Inc. filed June 20 in San Francisco federal court accuses Apple of securities fraud by understating the time needed to integrate advanced AI into Siri.
  • Shareholders say Apple touted AI as a key iPhone 16 selling point at WWDC 2024 despite lacking a working Siri AI prototype.
  • CEO Tim Cook, CFO Kevan Parekh and former CFO Luca Maestri are named as defendants in the proposed class action.
  • In March 2025 Apple announced delays to key Siri AI upgrades, pushing the launch of advanced features to 2026 due to development challenges.
  • Apple’s stock has slid about 25% since December 2024, erasing nearly $900 billion in market value and underpinning claims of hundreds of billions in investor losses.