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.
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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