Apple shareholders sue over Siri delays and massive losses
Apple shareholders are suing the company over AI rollout delays they claim cost them nearly a trillion dollars.
Apple sued over delays to AI-powered Siri
When it comes to artificial intelligence, it seems like Apple can't catch a break. Now, after facing repeated delays and misfires relating to the launch of Apple Intelligence, Apple's shareholders have finally had enough.
On Friday, Apple's shareholders launched a class action lawsuit against the tech giant. They claim that the Cupertino-based company has downplayed how long it would need to launch the new and improved AI-powered Siri.
Because of the delay, shareholders are claiming that they have suffered potentially hundreds of billions of dollars of losses in the year ending June 9. As Reuters points out, Apple shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market value.
Shareholders, led by Eric Tucker, claim that Apple led them to believe that Apple Intelligence would be a driving force behind iPhone 16 sales. However, after the WWDC 2025 keynote, shareholders came to believe that the company had deliberately downplayed how long it would need to launch features promised a year prior.
The lawsuit, filed in San Francisco federal court, names CEO Tim Cook, Chief Financial Officer Kevan Parekh, and former CFO Luca Maestri as defendants.
In 2024, Apple introduced its upcoming foray into artificial intelligence, which it calls Apple Intelligence. Apple promised to offer a more personalized experience than that of its competitors.
The rollout was slow, but features did eventually show up. Apple launched Writing Tools, Image Playgrounds, and Summaries, though the last had its own share of problems.
However, one feature never materialized: the enhanced, personalized Siri. It was one of the most heavily promoted features at WWDC 2024.
Unfortunately, it got delayed. And then it got delayed again.
Now, it's unclear when Siri is due to get its upgrades. Even Apple isn't sure, it seems -- and the executives aren't happy about it.
The only references to Siri in the 2025 WWDC Keynote speech was Craig Federighi promising the company was, still in fact, working on the project.
The vast majority of the share price loss in 2025 was over tariff fears, not AI rollout speeds. It's not clear how the suit filers consider this fact in their filing.
Read on AppleInsider
Comments
It was on a pretty steady upward trend until the end of 2024. The big fall was after Trump announced his tariffs.
At the risk of being pedantic... "Apple's shareholders" means all of Apple's shareholders. I'm an Apple shareholder and I am not a party to this lawsuit. "Apple shareholders" or "Some Apple shareholders" would have been much more accurate.
I understand this was a class action on behalf of all shareholders, yet I and many, many other shareholders did not participate in the filing of this (frivolous) lawsuit. We would have no role in this action until/unless it is successfully adjudicated in favor of the plaintiffs.
This is yet another case of the media, speculators, and those self anointed experts who think they can run Apple better than Apple can working themselves and anyone stupid enough to believe them into a frothing frenzy inside an echo chamber of imaginary thinking.
Now you're suing?
Are these actually the proverbial "ambulance chaser" category of lawyers, with adverts of "Have you been..." citing any number and category of wrongs perpetrated by companies? Or are they just sought out by indignant customers who perceive themselves as "wronged". Ok, maybe taking this case and others with no basis puts the latter into the former category.
So are these suits taken on a contingency basis? Not a lawyer or playing one online, I'd like to see someone who initiates a frivolous lawsuit suffer some real cost, even if the courts don't do it. Obviously lawyers are happy to take a case on contingency if they feel confident of a win and a 30% + payday. We want to see legitimate lawsuits brought and won.
What about the millions of dollars they've already made from AAPL?
What about the millions they will make in the future when Apple rises to the top of the AI market? It will happen.
Why bite the hand that feeds you? Selfish creatures.
So I am not complaining
AAPL almost always has a year end rally where stock price reaches new record only to lose significantly in Q2 (first quarter of the calendar year). December is a good month to sell AAPL. Stock price usually recovers by the end of the year.
This year obviously the major damage is that convicted felon in the White House and his crazy tariffs .... and obviously Tim has lost his ability to handle the orange clown.
Thankfully I did the obvious thing and emptied my US stock deposit (which I had from my days working for Apple) and sold stocks I got for around $1 a piece ... not exactly at the top but at $250. Because I no longer trust any US bank to handle money, you never know what crazy shit the convicted felon is doing next.