Apple Sued by Shareholder Over Delayed Siri Features Allegedly Lowering Stock Price

Apple shareholder Eric Tucker contiguous filed a proposed people enactment lawsuit against the institution successful a California court, implicit alleged violations of national U.S. securities laws.


Apple's CEO Tim Cook, erstwhile CFO Luca Maestri, and existent CFO Kevan Parekh are besides named arsenic defendants successful the case, which inactive needs to beryllium certified by a judge.

The ailment alleges that Apple made mendacious statements related to the much personalized mentation of Siri that it previewed during its WWDC 2024 keynote. The ailment alleges that these actions wounded the company's banal price, and thereby harmed shareholders.

"Unbeknownst to investors, Apple lacked a functional prototype of these precocious AI-based Siri features astatine the clip of the 2024 WWDC and had nary tenable ground to judge it could present the merchandise it was advertizing wrong the iPhone 16 merchandise cycle, if ever," the suit alleges. The ailment cites a Daring Fireball post by John Gruber that described the Siri features arsenic being simply a "concept video" erstwhile they were archetypal announced.

The ailment besides mentions the personalized Siri advertisement starring histrion Bella Ramsey that Apple pulled from YouTube, and recaps galore different known facts astir the delayed Siri features. The suit is precise akin to previous people enactment lawsuits filed against Apple implicit this situation, but this 1 is filed by a shareholder and is focused connected securities laws.

In March, Apple said it anticipated rolling retired the delayed Siri features "in the coming year" from that point. In a caller interview, Apple's selling main Greg Joswiak said that the "coming year" refers to 2026. iOS 26.4 is apt the existent people for a rollout.

Apple's banal terms dropped astir 13% successful the week aft the institution disclosed the delay.

Apple has yet to remark connected the lawsuit.
This article, "Apple Sued by Shareholder Over Delayed Siri Features Allegedly Lowering Stock Price" archetypal appeared connected MacRumors.com

Discuss this article successful our forums