Apple’s back in court—shocker, right? This time, shareholders are gunning for them in a class action suit, basically saying, “Hey, you hyped up Siri’s AI and cost us a fortune.”
The case landed Friday in a San Francisco federal court, and yeah, people are ticked off. They’re blaming Apple’s talk about AI upgrades for tanking the stock and burning through billions.
Investors Blame Siri Delays for iPhone Slump
Here’s the deal: Anyone holding Apple stock from June 2024 to June 2025 is covered by this lawsuit. The investors are salty because, apparently, Apple kept saying Siri’s AI glow-up was just around the corner—something that was supposed to make the iPhone 16 a must-have. Spoiler: It didn’t happen. With all the delays, sales projections fizzled, and the stock took a nosedive.
Remember when Apple hyped “Apple Intelligence” at the 2024 WWDC? Yeah, investors do too. They bought into the idea that Siri was about to become your genius best friend. But those announcements, apparently, were more sizzle than steak. Shareholders are saying they felt downright duped.
No Working Siri Prototype? Investors Cry Foul
Here’s the kicker: According to the lawsuit, Apple never even had a real, working AI-powered Siri ready to go. Not for the iPhone 16, not even close. The gap between what was promised and what actually existed? Let’s just say, that’s the whole reason these investors are fuming.
By March 2025, the cracks showed. Rumors started flying—Apple was bumping major Siri AI upgrades to 2026. By the time WWDC 2025 rolled around, Apple’s AI news landed with a thud.
Analysts weren’t impressed. Shareholders? Even less so. They say this whole timeline mess just proved Apple had been way too optimistic, if not totally misleading.
Apple’s Stock Takes a $900 Billion Punch
If you haven’t checked your portfolio lately, maybe don’t. Apple’s stock hit its highest point ever on December 26, 2024—then did a full swan dive.
According to this lawsuit, Apple’s market value dropped by about 25%, which is, oh, only $900 billion. Ouch. Even for Apple, that’s gotta sting.
Names are being named. CEO Tim Cook, CFO Kevan Parekh, and ex-CFO Luca Maestri are all listed as defendants. Leading the charge? Some guy named Eric Tucker. He and the other shareholders are basically demanding the execs own up to their “creative storytelling” about Siri’s AI future.
Case is officially Tucker v. Apple Inc. et al, filed in the Northern District of California (docket 25-05197, if you’re bored and want to look it up). Apple’s keeping quiet for now—no comment to the media yet. But you can bet this one’s gonna get messy. Grab some popcorn.
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