Apple Inc. has been hit with a securities fraud class action lawsuit filed by shareholders who allege the tech giant overstated its progress in integrating advanced artificial intelligence (AI) into its products, particularly its Siri voice assistant. The lawsuit, filed in the U.S. District Court for the Northern District of California, accuses Apple and key executives of misleading investors about the timeline and functionality of AI developments, which they claim led to significant financial losses.
The complaint, led by shareholder Eric Tucker, targets Apple CEO Tim Cook, Chief Financial Officer Kevan Parekh, and former CFO Luca Maestri. It covers shareholders who held Apple stock over the year leading up to June 9, 2025 a period during which Apple’s share price fell nearly 25% from its December 2024 peak, erasing approximately $900 billion in market value.
According to the lawsuit, Apple gave the impression during its June 2024 Worldwide Developers Conference (WWDC) that artificial intelligence would be a core innovation in its upcoming iPhone 16 lineup. The company introduced “Apple Intelligence,” branding it as a major enhancement to Siri, aimed at making the assistant more powerful and intuitive.
However, shareholders allege that Apple lacked a working prototype of the AI-enhanced Siri at the time of the announcement and had no reasonable basis to claim that such features would be ready for the iPhone 16’s launch. The lawsuit further states that Apple’s actual progress on AI was minimal and that internal delays revealed publicly in March 2025 when some Siri upgrades were postponed until 2026 contradicted earlier promises.
Investors claim the full extent of the situation only became clear during the June 2025 WWDC, where Apple’s limited AI offerings fell short of market expectations. The resulting disillusionment among analysts and investors contributed to a sharp decline in the company’s stock.
As of now, Apple has not responded to the allegations. The case, Tucker v. Apple Inc et al, could have major implications for how tech companies communicate emerging innovations to shareholders in an increasingly AI-driven market.
