Apple AI troubles continue, sued by shareholders over Apple Intelligence and Siri delays; here's what lawsuit claims
Apple
is facing a proposed securities fraud class action lawsuit from its shareholders, a report claims. According to a report by the news agency Reuters, the lawsuit claims that the Cupertino-based tech giant understated the time required to integrate advanced artificial intelligence into its Siri voice assistant, which caused a delay in rolling out these features and has allegedly harmed iPhone sales and Apple's stock price. The complaint covers shareholders who experienced significant losses in the year leading up to early June, when Apple introduced new product features but limited AI advancements. The lawsuit, filed in San Francisco federal court, names Apple, CEO
Tim Cook
, CFO Kevan Parekh, and former CFO Luca Maestri as defendants.
What the Apple shareholders' lawsuit against the company claims
As per the Reuters report, a group of shareholders led by Eric Tucker has alleged that Apple misled investors during its June 2024 Worldwide Developers Conference by suggesting that AI would be a key selling point for the upcoming iPhone 16, particularly through its
Apple Intelligence
features aimed at enhancing Siri.
However, the lawsuit claims Apple did not have a working prototype of the AI-based Siri upgrades and had no reasonable basis to believe the features would be ready in time for the iPhone 16 launch.
Apple shareholders have argued that concerns started to surface in March, when the company postponed some Siri improvements to 2026, the Reuters report notes.
The issue continued into Apple's WWDC developer event in June, where the company's update on its AI progress fell short of analyst expectations.
Since its peak in December 2024, Apple's share value has dropped by nearly 25%, resulting in an estimated $900 billion decline in the company's market capitalisation, the report adds.
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First Post
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Mint
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From killer drones to robotaxis, sci-fi dreams are coming to life
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The Hindu
an hour ago
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