On June 20, 2025, a group of Apple shareholders led by investor Eric Tucker filed a class action in San Francisco federal court. They accuse Apple of downplaying how long it would take to launch its AI-powered Siri features. The complaint names CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri as defendants. Shareholders claim these delays cost them massive losses in stock value.
Market Value Plunge Spurs Legal Action
According to the suit, Apple shares peaked on December 26, 2024. Since then, the stock has fallen nearly 25%, wiping out about $900 billion in market capitalization. As a result, plaintiffs say this drop stems largely from broken promises about Siri’s new AI tools. They argue that earlier forecasts—promising timely Siri upgrades—left investors blindsided by the setbacks.
Siri Features Arrive Later Than Promised
At WWDC 2024, Apple touted a suite of AI-driven enhancements for Siri. These included improved conversational abilities and deeper iPhone integration. However, when WWDC 2025 rolled around, the company only previewed writing assistants, image-editing tools, and news summaries. Moreover, Apple never confirmed a new timeline for Siri’s advanced features, fueling shareholder frustration.
Broader Context and Impact
Furthermore, shareholders note that Apple introduced several other AI tools on schedule. They say this uneven rollout suggests Apple prioritized some projects over Siri. Meanwhile, tariff concerns and broader market shifts also weighed on the stock. Nonetheless, the suit focuses squarely on Siri’s delays and the company’s communications to investors.
What Comes Next
Apple has yet to comment publicly on the lawsuit. Next, the company must respond to the court’s allegations in the coming weeks. Should the case proceed, discovery could reveal internal planning documents and executive emails. Ultimately, the outcome may hinge on whether Apple’s disclosures met legal standards for timely and accurate investor information.
