An Apple shareholder has filed a proposed class action lawsuit against the company in a California court, over alleged violations of federal U.S. securities laws. Shareholder Eric Tucker also named Apple’s CEO Tim Cook, former CFO Luca Maestri, and current CFO Kevan Parekh as defendants in the case, which still requires certification by a judge.
Tucker’s complaint alleges Apple made false statements about the promised “Personalized Siri” features the iPhone maker previewed during the WWDC24 keynote. The complain says the actions damaged the company’s stock price, harming 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 complaint also cites a post by Daring Fireball’s John Gruber that called the Siri features merely a “concept video” when they were initially announced.
Thr complaint also mentions the “Personalized Siri” ads Apple ran starring actor Bella Ramsey. Apple is facing previous lawsuits over those ads, and the delays, although this is the first to be filed by a shareholder and the first focusing on securities laws.
Apple announced in March that it would be rolling out the delayed Siri features “In the coming year,” which Apple’s marketing chief Greg Joswiak recently said meant 2026.
Apple’s stock price plunged nearly 13% in the week following the company’s announcing the delay.
(Via MacRumors)