Apple sued by shareholders for misleading AI progress claims

Shareholders argued that the company led them to believe Apple Intelligence would play a more relevant role in iPhone 16 sales. For this reason, the group led by  Eric Tucker considered that the company deliberately downplayed the time it would take to launch the promised features.

According to the lawsuit presented, this delay will imply potential losses of hundreds of billions of dollars for the fiscal year ending June 9, 2025. In 2024, the tech giant announced a series of changes, promising a more personalised experience to the users.

Some of those changes materialised; however, the changes expected in the integrated virtual assistant Siri did not unfold. At WWDC, the company promised a personalised and enhanced Siri, which, however, was not present. The company delayed the launch in March, when the upgrades were delayed until 2026. At WWDC 2025, the company only commented that they are still working on it.

According to Reuters, the shares have lost almost a quarter of their value since December 26, 2024, meaning a loss of approximately $900 billion in market value. Some of this is related to the tariff changes promoted by the Trump administration. 

The lawsuit mentions CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri as defendants in the case, which accuses them of misrepresentation and securities fraud.