On Friday, Apple faced a securities fraud class action lawsuit filed by shareholders in the Northern District of California, alleging that the tech giant misrepresented the timeline for integrating advanced artificial intelligence (AI) into its Siri voice assistant, leading to significant losses for investors. The proposed class action covers shareholders who purchased Apple securities between June 10, 2024, and June 9, 2025, during which time Apple introduced several product enhancements but failed to deliver substantial AI advancements as promised. Apple has yet to issue a public statement regarding the lawsuit, which names CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri as defendants. The complaint asserts that at its 2024 Worldwide Developers Conference, Apple led investors to believe that AI would be a significant feature of the iPhone 16, introducing Apple Intelligence to enhance Siri’s capabilities. However, shareholders allege that Apple lacked a functional prototype of AI-based Siri features and could not reasonably believe that these features would be ready for the iPhone 16. The lawsuit alleges that Apple’s deception began to unravel on March 7, 2025, when the company delayed certain Siri upgrades until 2026. The situation worsened at the 2025 Worldwide Developers Conference on June 9, where Apple’s assessment of its AI progress fell short of analysts’ expectations. Since its December 26, 2024, record high, Apple’s stock value has declined by nearly one-quarter, erasing approximately $900 billion from its market capitalization. The case is Tucker v. Apple Inc et al, U.S. District Court, Northern District of California, No. 25-05197.