Investors vs Apple: shareholders sue the company and accuse it of hiding the readiness of Apple Intelligence and Siri
A group of Apple shareholders has filed a class action lawsuit in federal court in San Francisco, accusing the company of exaggerating the readiness of artificial intelligence-based features unveiled as part of Apple Intelligence in 2024.
Here's What We Know
According to the plaintiffs, Apple misled investors with statements about the future development of its AI-powered voice assistant Siri, which affected its stock price and investment decisions.
They cite the WWDC conference in June 2024 as a key episode, where Apple announced the launch of Apple Intelligence and future Siri capabilities. However, it subsequently became clear that the full launch had been delayed, first to 2025 and then to 2026. According to the plaintiffs, Apple did not have a finished product by the time of the presentation.
Since the beginning of 2025, Apple's shares have lost about 25% of their value, resulting in a decline in market capitalisation of almost $900 billion.
The defendants named in the case are CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri.
Flashback
Apple introduced the Apple Intelligence project as part of the next phase of Siri development and the integration of AI into its own devices. However, in reality, users have only been able to access basic functions such as text generation, image creation and summarisation. The new Siri remains in development.
Since investors made their decisions based on the company's official announcements, the lack of the promised product was the cause of financial losses, which is the basis for the lawsuit.
Source: Reuters
