Apple Inc. faces a collective claim of shareholders who claim that the company deceived them about their progress with artificial intelligence, specifically with respect to Siri's voice assistant.
The lawsuit, presented on Friday in the Federal Court of San Francisco, accuses Apple of minimizing the time it has been incorporated in Siri, which leads to a decrease in sales of the iPhone 16 and a strong fall in the price of its shares.
The complaint, directed by shareholder Eric Tucker, covers investors who potentially suffered hundreds of billions of dollars in losses in the year ending on June 9, 2025.
At the World Developer Conference (WWDC) of June 2024, Apple promoted AI as a key feature for its iPhone 16 models, with the introduction of Apple's intelligence aimed at making Siri smarter and easier to use.
However, shareholders argue that Apple lacked a functional prototype of Siri's characteristics based on AI and could not have expected realistically that IA updates are ready for the iPhone 16s.
Shareholders say that the truth began to emerge on March 7, when Apple announced that some Siri updates had been delayed until 2026.
Analysts were even more disappointed when Apple's progress was considered disappointing at the WWDC in June 2025.
Apple shares have collapsed at almost 25% since their record on December 26, 2024, erasing around $ 900 billion in market value.
The lawsuit appoints CEO Tim Cook, CFO Kevan Parekh and former CFO Luca Maestri as defendants.
Apple has not yet responded to comments requests.
The case is Tucker v. Apple Inc et al, United States District Court, Northern District of California, Case No. 25-05197.
In the lawsuit, the plaintiffs declared: “Apple led us to believe that AI would be the defining characteristic of the iPhone 16. But it did not have Siri functional at that time, and no basis for suggesting that it would be ready.”
(Reuters)
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