Apple sued by shareholders over delay in release of AI-enhanced Siri
On Friday, June 20, 2025, Apple was sued by shareholders for alleged securities fraud. The plaintiffs accuse Apple of underestimating the time it would take to integrate advanced AI into its voice assistant, Siri, hurting iPhone sales and its stock price.
Apple sued by shareholders for allegedly overstating AI progress | Reuters
https://www.reuters.com/sustainability/boards-policy-regulation/apple-sued-by-shareholders-over-ai-disclosures-2025-06-20/
Apple sued over delays to AI-powered Siri
https://appleinsider.com/articles/25/06/20/apple-shareholders-sue-over-siri-delays-and-massive-losses
Apple announced its own personal AI, ' Apple Intelligence, ' at WWDC24 held in June 2024. Apple announced at WWDC24 that it would strengthen Siri by integrating it with Apple Intelligence, which was expected to boost sales of the iPhone 16 series released in 2024.
However, Apple has struggled with the release of Apple Intelligence, with features being released in phases and at a slower pace, and the original plan to integrate Apple Intelligence with Siri has been delayed until 2026.
Apple confirms that the release of Apple Intelligence's 'evolved Siri' has been delayed to 2026 - GIGAZINE
As a result of this, it has been repeatedly pointed out that demand for the iPhone 16 is lower than expected, and it has become clear that pre-orders for the iPhone 16 series are down 12.7% year-on-year.
Pre-orders for the iPhone 16 series fell 12.7% year-on-year to about 37 million units, while iPhone 16 Pro fell 27% and iPhone 16 Pro Max fell 16% compared to the iPhone 15 series - GIGAZINE
Eric Tucker and other shareholders have filed a lawsuit against Apple management, alleging that the delay in the release of an AI-enhanced version of Siri has hit Apple's stock price and caused shareholders to lose hundreds of billions of dollars in a year.
The lawsuit was filed against Apple CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri, among others. The plaintiffs claim that 'Apple announced AI-based Siri features as if they were included in the iPhone 16 despite the fact that no prototypes of the features existed,' and that 'Apple deliberately underestimated the time required to integrate Apple Intelligence with Siri.'
In fact, Apple's stock price has fallen by nearly a quarter since hitting an all-time high on December 26, 2024, and its market capitalization has been reduced by about $900 billion (about 130 trillion yen) at the time of writing. However, Apple-related media Appleinsider points out that 'the majority of Apple's stock price decline is due to concerns about reciprocal tariffs by the United States, not the speed of AI adoption.'
President Trump's announcement of mutual tariffs hits the tech industry hard, causing stock prices of Apple, Amazon, Meta, NVIDIA, Alphabet and Microsoft to plummet - GIGAZINE
By Gage Skidmore
Apple has announced that it will delay the integration of Apple Intelligence and Siri until 2026, and a former Apple employee has explained why.
Former Apple employee explains why the development of an AI-enhanced version of Siri is lagging behind - GIGAZINE
Reuters has reached out to Apple for comment but has not received a response at the time of writing.