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

Apple shareholder Eric Tucker today filed a proposed class action lawsuit against the company in a California court, over alleged violations of federal U.S. securities laws.

iOS 18 Siri Personal Context
Apple's CEO Tim Cook, former CFO Luca Maestri, and current CFO Kevan Parekh are also named as defendants in the case, which still needs to be certified by a judge.

The complaint alleges that Apple made false statements related to the more personalized version of Siri that it previewed during its WWDC 2024 keynote. The complaint alleges that these actions hurt the company's stock price, and thereby harmed shareholders.

"Unbeknownst to investors, Apple lacked a functional prototype of these advanced AI-based Siri features at the time of the 2024 WWDC and had no reasonable basis to believe it could deliver the product it was advertising within the iPhone 16 product cycle, if ever," the lawsuit alleges. The complaint cites a Daring Fireball post by John Gruber that described the Siri features as being merely a "concept video" when they were first announced.

The complaint also mentions the personalized Siri ad starring actor Bella Ramsey that Apple pulled from YouTube, and recaps many other known facts about the delayed Siri features. The lawsuit is very similar to previous class action lawsuits filed against Apple over this situation, except this one is filed by a shareholder and is focused on securities laws.

In March, Apple said it anticipated rolling out the delayed Siri features "in the coming year" from that point. In a recent interview, Apple's marketing chief Greg Joswiak said that the "coming year" refers to 2026. iOS 26.4 is likely the current target for a rollout.

Apple's stock price dropped nearly 13% in the week after the company disclosed the delay.

Apple has yet to comment on the lawsuit.

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Top Rated Comments

iPay Avatar
3 weeks ago
Now, if Apple have balls, they let AI Siri Lawyer take care of the case.
Score: 28 Votes (Like | Disagree)
germanbeer007 Avatar
3 weeks ago

The complaint cites a Daring Fireball post ('https://www.macrumors.com/2025/03/12/gruber-says-something-is-rotten-at-apple/') by John Gruber
Immediate case dismissal lmao. Who the **** gives a **** about what John Gruber has to say?
Score: 23 Votes (Like | Disagree)
LawJolla Avatar
3 weeks ago
In my professional opinion... if true, there's some merit here.
Score: 20 Votes (Like | Disagree)
racerhomie Avatar
3 weeks ago
They actually brought John Gruber into this?
Seriously?
Score: 17 Votes (Like | Disagree)
GioGiusi Avatar
3 weeks ago
The only argument ANYONE anywhere might have is that iPhone 16 advertising may have included false examples, and therefore false advertising. But that is still sketchy at best.

This here is laughably stupid. If you don't like your Apple stock, sell it, and shut the **** up.
Score: 16 Votes (Like | Disagree)
diskrisk Avatar
3 weeks ago
It's sad cause I have the theory that it was major shareholders that forced Apple to rush out Apple Intelligence. It came at the cusp of almost every other company announcing it, and it's definitely not crazy to think that their board of directors and major shareholders pressured Apple into making an announcement sooner than later. Imagine your investors forcing you to push out a feature you know is not done yet; the feature doesn't work because, well, it's not done yet; and now those same investors are suing you because the thing you told them is not done yet is, in fact, not done yet.
Score: 15 Votes (Like | Disagree)