Apple Sued by Shareholder Over Delayed Siri Features Allegedly Lowering Stock Price
Apple Faces Shareholder Lawsuit Over Delayed Siri Features
Apple is facing a proposed class-action lawsuit filed by shareholder Eric Tucker in a California court. The suit alleges that Apple violated federal securities laws by making misleading statements about the capabilities of its next-generation Siri, the highly anticipated AI-powered virtual assistant. The lawsuit names Apple CEO Tim Cook, former CFO Luca Maestri, and current CFO Kevan Parekh as defendants. It's important to note that the lawsuit still requires certification by a judge before proceeding.
The Core Allegation: Misleading Promises of Advanced Siri
The heart of the lawsuit revolves around Apple's presentation of advanced Siri features at its 2024 Worldwide Developers Conference (WWDC). The complaint argues that Apple falsely advertised these features, implying a level of functionality that did not exist at the time of the announcement. The lawsuit claims that Apple lacked a working prototype of these advanced AI capabilities and had no reasonable basis to believe they could be delivered within the iPhone 16 product cycle, or even at all in the foreseeable future.
This claim is supported by evidence cited in the lawsuit, specifically a Daring Fireball blog post by John Gruber, a well-known technology blogger. Gruber described the showcased Siri features as essentially a "concept video," suggesting that the demonstration may not have accurately reflected the current state of the technology.
Further bolstering the plaintiff's case is the fact that Apple subsequently removed a promotional advertisement featuring actor Bella Ramsey highlighting the personalized Siri features from YouTube. This action, detailed in a MacRumors article, further suggests a discrepancy between the promised features and their actual development status.
A Pattern of Lawsuits and Delayed Rollouts
This lawsuit shares similarities with other class action lawsuits filed against Apple regarding the same Siri delays. However, this particular case distinguishes itself by being initiated by a shareholder and focusing specifically on alleged violations of securities laws – focusing on the impact of the misrepresentation on the company's stock value.
In March 2025, Apple acknowledged the delay, stating that the features would be rolled out "in the coming year." However, in a subsequent interview, Apple's marketing chief, Greg Joswiak, clarified that this "coming year" actually refers to 2026, with iOS 26.4 currently being the target for release. This clarification further underscores the significant delay and potential for investor dissatisfaction.
The Impact on Apple's Stock Price
The fallout from the delayed Siri features was immediate and significant. Apple's stock price experienced a near 13% drop in the week following the announcement of the delay. This sharp decline forms the basis for the shareholder's claim of financial harm, arguing that the misleading statements directly contributed to the loss of shareholder value.
Apple's Response and Future Outlook
At the time of this writing, Apple has not yet issued a public statement regarding the lawsuit. The legal proceedings are expected to unfold over time, with potential implications for Apple's reputation and its handling of future product announcements. The outcome of this case could set a precedent for how companies handle the disclosure of information about product development and its potential impact on investor expectations.
Conclusion
The lawsuit filed against Apple highlights the critical importance of accurate and transparent communication between companies and their investors. The alleged misrepresentation regarding the capabilities of the advanced Siri features, coupled with the substantial drop in Apple's stock price, raises serious questions about the company's internal communications and its handling of investor relations. The unfolding legal battle will undoubtedly be closely watched by the tech industry and investors alike, particularly regarding how such situations will be handled in the future.
This article, "Apple Sued by Shareholder Over Delayed Siri Features Allegedly Lowering Stock Price" first appeared on MacRumors.com
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