• Apple shareholders filed a class action lawsuit over AI integration delays.
• The lawsuit claims Apple misrepresented the time needed for AI features in Siri.
• Shareholders allege losses totaling hundreds of billions from delayed products.
• Key executives including Tim Cook are named in the lawsuit.
• Apple's stock has dropped nearly 25% since late 2024 due to these issues.

Apple Inc. is facing a proposed securities fraud class action lawsuit from its shareholders who allege that the company underestimated the time required to integrate advanced artificial intelligence (AI) features into its Siri voice assistant. This alleged misrepresentation has led to delays in the rollout of these features, ultimately harming iPhone sales and negatively impacting the company’s stock price, causing shareholders significant losses over the year ending June 9, 2024, according to Channel News Asia, India Times, and Newsweek.

The lawsuit, initiated by a group led by shareholder Eric Tucker, claims that at a recent Worldwide Developers Conference (WWDC), Apple misled investors into believing that AI would significantly enhance the upcoming iPhone 16. However, the complainants argue that Apple did not possess a viable prototype of these features, thus raising concerns about their timely availability. These issues began coming to light on March 7, when Apple postponed various Siri upgrades to 2026, continuing to manifest dissatisfaction during the WWDC on June 9, according to India Times and Newsweek.

The plaintiff group contends that Apple executives, including CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri, failed to deliver on promises for AI capabilities that were crucial for the iPhone's sales pitch. In the aftermath of these developments, Apple's stock has plummeted nearly 25% from its high in December 2024, diminishing the company's market capitalization by approximately $900 billion, as highlighted in multiple reports Channel News Asia, Newsweek, and India Times.