Shareholders sue Apple over overstated AI progress claims
Shareholders filed a securities fraud lawsuit against Apple on June 20, 2025, alleging the company overstated progress on integrating advanced AI into Siri to boost iPhone 16 sales and stock price. The plaintiffs claim Apple did not have a working prototype of the AI features promised at its June 2024 developer conference and delayed key updates to 2026, reportedly causing shareholders hundreds of billions in losses.
What happened
On June 20, 2025, shareholders filed a securities fraud lawsuit against Apple in federal court in San Francisco, alleging the company minimized the time needed to integrate advanced AI into its Siri voice assistant.
Shareholders led by Eric Tucker claimed that at Apple's June 2024 Worldwide Developers Conference (WWDC), the company made them believe AI would be a key factor in the iPhone 16 through Apple Intelligence. The plaintiffs stated Apple did not have a working prototype of AI-based Siri features and could not reasonably believe the features would be ready for iPhone 16.
On March 7, 2025, Apple delayed some Siri updates to 2026. At the June 2025 WWDC, Apple's stated progress on AI disappointed analysts.
Reported impact
Shareholders claim to have suffered potential losses totaling hundreds of billions of dollars in the one-year period ending June 9, 2025, when Apple announced design changes and minor AI updates but not the advanced Siri integration previously suggested.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.