Apple Faces Shareholder Lawsuit Over AI Delays and Siri Hype Fallout

Apple Inc. is facing a proposed class-action lawsuit from shareholders who allege the company misled them about its progress in artificial intelligence, particularly surrounding its Siri voice assistant.

Filed in the Northern District of California, the lawsuit claims Apple understated the time and effort required to fully integrate advanced AI features into Siri. This, investors say, led to inflated expectations for the iPhone 16 and its AI capabilities—expectations that ultimately went unmet.

The complaint names CEO Tim Cook, current CFO Kevan Parekh, and former CFO Luca Maestri as defendants. Shareholders, led by investor Eric Tucker, assert that Apple presented a misleading narrative at its Worldwide Developers Conference in June 2024, suggesting AI would be a central feature of the new iPhone lineup through the launch of “Apple Intelligence.”

However, according to the lawsuit, Apple lacked a working prototype of the AI-enhanced Siri at the time and had no realistic path to launch those features with the iPhone 16. The truth began to emerge in March 2025, when the company announced that key Siri upgrades would be delayed until 2026. Analysts expressed further disappointment during Apple’s 2025 WWDC held on June 9, which revealed only modest AI enhancements.

Since reaching a record high on December 26, 2024, Apple shares have dropped by nearly 25%, erasing approximately $900 billion in market value. The lawsuit claims shareholders suffered massive losses—potentially in the hundreds of billions—during the year leading up to June 9, 2025.

As of now, Apple has not responded to requests for comment on the case.