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17h ago

Shareholders Sue Apple Over Overstated Siri AI Progress

Investors contend Apple promoted an unbuilt Siri AI prototype at WWDC 2024 before revealing delays to 2026.

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 class action was filed June 20 in the U.S. District Court for the Northern District of California, naming Tim Cook, Kevan Parekh and Luca Maestri as defendants.
  • Shareholders led by Eric Tucker claim Apple’s stock has fallen nearly 25% since December 2024, wiping out roughly $900 billion in market value.
  • The complaint alleges Apple lacked a working prototype of the advanced Siri AI features it touted at WWDC 2024 and had no basis to promise their delivery.
  • Apple disclosed in March 2025 that it would push back its most powerful Siri upgrades to 2026, citing quality concerns for the postponement.
  • The company has reassigned its Siri AI project leadership to Vision Pro head Mike Rockwell as it addresses development challenges and stiff competition in markets like China.