Apple Sued by Shareholders For Overstating AI Capabilities That Wiped Out $900bn in Market Value

Apple Inc. is faced with a draft collective appeal on the fraud in securities tables deposited on Friday before an American federal court, the shareholders accusing the technology giant of having induced the public in terms of its ability to integrate advanced characteristics of artificial intelligence in its vocal assistant Siri.

The complaint, filed in the Northern District of California, says that the company’s delays in the supply of AI -oriented features contributed to the fall in iPhone sales and a spectacular decrease in the course of its shares.

According to the costume, Apple and its senior executives – including the CEO Tim Cook, the current financial director Kevan Parekh and the former financial director Luca Maestri – knowingly induced investors between June 2023 and June 2024 by overestimating the preparation of the company to deploy IA technologies. The complainants, led by shareholder Eric Tucker, alleys that Apple concealed the fact that he had no work prototype of an SIRI propelled by AI, even if he favored artificial intelligence as an engine of his next iPhone 16 range.

At the center of the trial is the conference of world developers in June 2024 of Apple (WWDC), where the company introduced its so-called “Apple Intelligence”. Marketed as a leap into Siri’s abilities – including a more contextual understanding and greater user friendliness – updates have been described as a central pillar of the new generation software and hardware.

However, according to the complaint, Apple’s leaders knew that the critical upgrades of AI to Siri were not technically viable in time for deployment with the iPhone 16. On March 7, 2025, the company quietly delayed several of these Siri improvements until 2026, triggering what the costume describes as a “slow drop” of bad news. A new disappointment occurred during the WWDC in June 2025 from Apple, where its modest AI progress has left sub-curuting analysts, triggering strong market reactions.

Since reached a record on December 26, 2024, Apple’s shares have decreased by almost 25%, efforcing around $ 900 billion in shareholders’ value – one of the largest prints to a single business in the recent history of Wall Street.

The trial, Tucker c. Apple Inc. et al, alleges that Apple anomalies have violated federal securities laws by artificially inflating the actions of the company. He requests damages on behalf of all shareholders who bought Apple shares during the one year period ending on June 9, 2025.

Neither Apple nor the appointed managers responded to media requests on the trial. The company has also not published an official declaration to investors concerning complaints.

The case highlights the growing control of technological companies on how they communicate their strategies and their preparation for artificial intelligence. Large technological companies increasingly positioning AI at the center of their growth accounts, investors require not only innovation but transparency.

Apple’s prudent approach with regard to AI – in particular compared to peers like Microsoft and Google, which quickly deployed a generative AI on their platforms – was noted by analysts. While Apple highlighted the confidentiality of users and AI based on devices as unique outlets, many believe that the company has lagged behind in the AI ​​arms race.

Wedbush analyst Dan Ives spoke last week after Apple’s WWDC 2025, on the reasons why investors’ patience can be thin.

“This is not what developers or even consumers want to hear during this year’s WWDC. Apple has focused on practical improvements rather than daring new breakthroughs,” he said.

This trial could test to what extent requests for Apple prospective AI will be judged in the context of the development of routine products or as a misleading conduct which has undergone investors materially. If it is authorized to continue, the case could discover internal communications and deadlines which provide a clearer view of how Apple has developed and communicated its Siri AI roadmap.