Apple is facing a major class-action lawsuit from shareholders who claim the tech giant misled the public about its advancements in artificial intelligence (AI), particularly regarding its Siri voice assistant. The lawsuit, filed Friday in a San Francisco federal court, accuses Apple of overstating its AI capabilities, which allegedly led to significant stock losses and disappointed iPhone sales.
The lawsuit, led by shareholder Eric Tucker, targets not only Apple but also CEO Tim Cook, current CFO Kevan Parekh, and former CFO Luca Maestri. The complaint covers shareholders who experienced losses between June 2024 and June 9, 2025—a period marked by high anticipation around Apple’s AI strategy.
According to the filing, Apple created an impression during its June 2024 Worldwide Developers Conference (WWDC) that artificial intelligence would be a major highlight of its upcoming iPhone 16 lineup. The company introduced “Apple Intelligence,” a set of AI-driven features aimed at making Siri smarter and more responsive. Investors say they were led to believe these innovations would significantly boost product appeal and drive sales.
However, shareholders now allege that Apple misrepresented the actual readiness of those features. The lawsuit claims that, at the time of the announcement, Apple lacked a working prototype for many of its promised AI tools and had no reasonable expectation of delivering them with the iPhone 16.
The real blow, investors argue, came on March 7, 2025, when Apple publicly announced delays in rolling out key Siri enhancements, pushing the improvements to 2026. Analysts and shareholders were further disappointed during Apple’s 2025 WWDC event on June 9, where the company gave a less-than-stellar update on its AI progress.
Many viewed the presentation as underwhelming compared to competitors like Google and Microsoft, both of whom had already integrated cutting-edge AI models into their products.
Since its stock peak on December 26, 2024, Apple’s shares have dropped nearly 25%, wiping out close to $900 billion in market capitalization. The lawsuit argues that this dramatic fall is tied directly to Apple’s failure to be transparent about the true state of its AI development.
As of now, Apple has not issued a public comment on the lawsuit. The tech giant, headquartered in Cupertino, California, continues to push forward with its AI integration strategy, but the legal battle could cast a long shadow over its short-term investor confidence.
The case—Tucker v. Apple Inc et al, No. 25-05197—is being heard in the U.S. District Court for the Northern District of California.
This lawsuit is another reminder of how high the stakes are in the AI arms race, where investor expectations are rising as fast as the technology itself.
