Cupertino, California – Apple Inc. is facing a shareholder lawsuit accusing the tech giant of misleading investors over the progress and readiness of its artificial intelligence initiatives, particularly the upgraded Siri assistant announced at its 2024 Worldwide Developers Conference (WWDC). The case, filed in the U.S. District Court for the Northern District of California, seeks class action status and centers on claims that Apple executives knowingly exaggerated the company’s AI capabilities and timeline.
According to the complaint, shareholders allege that Apple, including CEO Tim Cook and CFO Kevan Parekh, falsely represented that advanced AI features, dubbed “Apple Intelligence,” would be integrated into the upcoming iPhone 16. These claims were first made public during WWDC 2024. However, in March 2025, Apple quietly announced a delay in these upgrades, shifting the release timeline to 2026. The plaintiffs argue that Apple made these claims without having a working prototype or viable implementation strategy in place at the time of the initial announcement.
This development reportedly shocked investors and analysts alike. Following the announcement of the delay, Apple’s stock experienced a steep decline. The impact deepened after the WWDC 2025 event, which failed to meet expectations regarding AI advancements. Since December 2024, Apple’s share price has dropped nearly 25 percent, resulting in a market value loss of approximately 900 billion dollars.
The lawsuit claims that Apple’s executives were aware of the product limitations but continued to promote its AI roadmap to maintain investor confidence and inflate the stock value. Plaintiffs are seeking unspecified damages for shareholders who purchased Apple shares between June 2024 and June 9, 2025.
The legal action reflects growing scrutiny over how major tech firms communicate progress in emerging technologies like artificial intelligence. In recent months, investors have increasingly demanded greater transparency, particularly from companies promising revolutionary capabilities that significantly affect stock prices.
Apple has not yet issued an official response to the lawsuit. Industry experts expect the company to strongly contest the allegations, which could potentially set a legal precedent for how AI development is disclosed in future investor communications.
While the case progresses through the court system, analysts suggest it may influence how companies publicly present their AI milestones and forecasts. Investors are now likely to be more cautious in interpreting AI-related announcements without accompanying product demonstrations or concrete timelines.