On June 20, 2025, a group of Apple shareholders filed a securities fraud class-action suit in the U.S. District Court for Northern California. They claim Apple misled investors by overstating its AI capabilities—particularly for Siri—at the June 2024 Worldwide Developers Conference. The lawsuit, Tucker v. Apple Inc et al, names CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri as defendants
What Investors Say Apple Did
- At WWDC 2024, Apple presented AI features as core to the upcoming iPhone 16—even though no working prototype was available
- When the company delayed Siri AI enhancements to 2026 (announced March 7) and failed to deliver on key AI features at WWDC 2025, investors allege they felt deceived reuters.com.
- As a result, Apple’s stock dropped nearly 25%, wiping out about $900 billion in market value since late 2024
Key Allegations
- Misrepresentation of product readiness: No functioning AI-enabled Siri was ready at promise time.
- Deliberate omission of delays: Investors said they were only officially informed of delays much later.
- Investor harm: Shareholders complain of losses driven by inflated expectations around Apple’s AI roadmap.
Why It Matters
- Precedent for AI transparency: Tech giants are under increasing pressure to truthfully disclose AI development stages.
- Regulatory scrutiny rises: With stock impact this large, it may pique interest from the SEC and regulators.
- Corporate accountability: If found liable, it could prompt Silicon Valley to reevaluate public hype around unproven AI features.
What Apple Has Done So Far
Apple has not officially responded to requests for comment. Historically, the company has defended itself in such cases by pointing to disclaimers or expected “beta” status. Still, the high-profile nature of the allegations may pressure future marketing strategies.
What Comes Next
- Class-action review: The court will first determine if shareholder claims can proceed as a class.
- Discovery phase: Internal communications, projections, and prototypes may be scrutinized.
- Potential settlement or trial: Depending on outcomes, Apple could face massive financial and reputational consequences.
Conclusion
The shareholder lawsuit accusing Apple of lying about its AI progress highlights the growing importance of honesty and timing in promoting AI features. With billions in market value at stake, this case may set new standards for AI disclosures in the tech industry.
