Apple Shareholders File Securities Fraud Case Over Apple Intelligence, Siri Delays

Apple shareholders have filed a new class action securities fraud case against the company over the massive delays in delivering Apple Intelligence and Siri.

This came after over a year since Apple originally announced the latest artificial intelligence technologies and upgrades, which were to be introduced via iOS 18 and other platforms. However, these faced delays when they launched.

Apple Shareholders File Securities Fraud Case

Reuters reported that a group of Apple shareholders have filed a class action securities fraud lawsuit against the Cupertino tech giant for allegedly "downplaying" the timeline it needed to integrate AI into its technologies. The plaintiffs filed the lawsuit last Friday, June 20, in the U.S. District Court for the Northern District of California.

The shareholders claimed that they potentially suffered "hundreds of billions of dollars of losses in a year," which ended on June 9.

In the lawsuit, the plaintiffs claimed that Apple's latest showcase during WWDC 2025 only focused on several feature upgrades and aesthetic changes among its products "but kept AI changes modest." This points out to the new numbered names of the iOS, macOS, iPadOS, watchOS, and more, which also got the Liquid Glass UI, but did not see more features for its AI.

Eric Tucker, one of Apple's shareholders and lead plaintiffs in the case, claimed that Apple led the public to believe that AI would be a "key driver" of the iPhone 16 series. The lawsuit named Apple CEO Tim Cook, CFO Kevin Parekh, and former CFO Luca Maestri as defendants.

Apple Intelligence, Siri Delays Prompts New Complaints

Apple has delivered Apple Intelligence as promised with iOS 18.1, but this brought limited features to users that gradually released other experiences and functions in later versions of the operating system. However, this was not what the world expected based on WWDC 2024's announcements, especially with what Apple demonstrated in its iOS 18 showcase.

On the other hand, Siri's delays continue as the only upgrades they delivered to the AI voice assistant were its integration with ChatGPT and its new animation that appears on the edges of the screen for supported devices.

According to 9to5Mac's report, John Gruber's "Something Is Rotten in the State of Cupertino" story from earlier this year was referenced by the plaintiffs in their securities fraud lawsuit. It also mentioned Gruber's claims that Apple's Siri features are "vaporware," a type of technology that was demonstrated by the company but is not yet available to buy or use as it is still under development.

Earlier this year, Apple also faced a lawsuit from consumers who alleged that the company falsely advertised the features and technologies available on Apple Intelligence and Siri via iOS 18. The complaint claimed that because of Apple's showcases, they were led to buy the iPhone 16 series with hopes of using the latest artificial intelligence developments, but these were not all available on the device and its software releases.