Latest news with #WorldwideDevelopersConference
Business Times
an hour ago
- Business
- Business Times
Apple sued by shareholders for allegedly overstating AI progress
[NEW YORK] Apple was sued on Friday (Jun 20) by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence (AI) into its Siri voice assistant, hurting iPhone sales and its stock price. The complaint covers shareholders who suffered potentially hundreds of billions of US dollars of losses in the year ending Jun 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes modest. Apple did not immediately respond to requests for comment. CEO Tim Cook, chief financial officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court. Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly. But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone 16s. Shareholders said the truth began to emerge on Mar 7 when Apple delayed some Siri upgrades to 2026, and continued to this year's Worldwide Developers Conference on Jun 9 when Apple's assessment of its AI progress disappointed analysts. Apple shares have lost nearly one-fourth of their value since their Dec 26, 2024 record high, wiping out approximately US$900 billion of market value. REUTERS
Time of India
18 hours ago
- Business
- Time of India
Apple AI troubles continue, sued by shareholders over Apple Intelligence and Siri delays; here's what lawsuit claims
Apple is facing a proposed securities fraud class action lawsuit from its shareholders, a report claims. According to a report by the news agency Reuters, the lawsuit claims that the Cupertino-based tech giant understated the time required to integrate advanced artificial intelligence into its Siri voice assistant, which caused a delay in rolling out these features and has allegedly harmed iPhone sales and Apple's stock price. The complaint covers shareholders who experienced significant losses in the year leading up to early June, when Apple introduced new product features but limited AI advancements. The lawsuit, filed in San Francisco federal court, names Apple, CEO Tim Cook , CFO Kevan Parekh, and former CFO Luca Maestri as defendants. What the Apple shareholders' lawsuit against the company claims As per the Reuters report, a group of shareholders led by Eric Tucker has alleged that Apple misled investors during its June 2024 Worldwide Developers Conference by suggesting that AI would be a key selling point for the upcoming iPhone 16, particularly through its Apple Intelligence features aimed at enhancing Siri. However, the lawsuit claims Apple did not have a working prototype of the AI-based Siri upgrades and had no reasonable basis to believe the features would be ready in time for the iPhone 16 launch. Apple shareholders have argued that concerns started to surface in March, when the company postponed some Siri improvements to 2026, the Reuters report notes. The issue continued into Apple's WWDC developer event in June, where the company's update on its AI progress fell short of analyst expectations. Since its peak in December 2024, Apple's share value has dropped by nearly 25%, resulting in an estimated $900 billion decline in the company's market capitalisation, the report adds. World Music Day 2025: Tech That Changed How We Listen to Music AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hans India
19 hours ago
- Business
- Hans India
Apple Faces Shareholder Lawsuit Over AI Delays and Siri Hype Fallout
Apple Inc. is facing a proposed class-action lawsuit from shareholders who allege the company misled them about its progress in artificial intelligence, particularly surrounding its Siri voice assistant. Filed in the Northern District of California, the lawsuit claims Apple understated the time and effort required to fully integrate advanced AI features into Siri. This, investors say, led to inflated expectations for the iPhone 16 and its AI capabilities—expectations that ultimately went unmet. The complaint names CEO Tim Cook, current CFO Kevan Parekh, and former CFO Luca Maestri as defendants. Shareholders, led by investor Eric Tucker, assert that Apple presented a misleading narrative at its Worldwide Developers Conference in June 2024, suggesting AI would be a central feature of the new iPhone lineup through the launch of 'Apple Intelligence.' However, according to the lawsuit, Apple lacked a working prototype of the AI-enhanced Siri at the time and had no realistic path to launch those features with the iPhone 16. The truth began to emerge in March 2025, when the company announced that key Siri upgrades would be delayed until 2026. Analysts expressed further disappointment during Apple's 2025 WWDC held on June 9, which revealed only modest AI enhancements. Since reaching a record high on December 26, 2024, Apple shares have dropped by nearly 25%, erasing approximately $900 billion in market value. The lawsuit claims shareholders suffered massive losses—potentially in the hundreds of billions—during the year leading up to June 9, 2025. As of now, Apple has not responded to requests for comment on the case.
India Today
19 hours ago
- Business
- India Today
Apple sued, investors say company mislead them with Siri hype tanking iPhone sales and stock
Apple was sued on Friday by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence into its Siri voice assistant, hurting iPhone sales and its stock complaint covers shareholders who suffered potentially hundreds of billions of dollars of losses in the year ending June 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes did not immediately respond to requests for comment. CEO Tim Cook, Chief Financial Officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court. Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026, and continued through this year's Worldwide Developers Conference on June 9 when Apple's assessment of its AI progress disappointed shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market case is Tucker v. Apple Inc et al, US District Court, Northern District of California, No. 25-05197.
Time of India
21 hours ago
- Business
- Time of India
Apple sued by shareholders for allegedly overstating AI progress
By Jonathan Stempel Apple was sued on Friday by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence into its Siri voice assistant, hurting iPhone sales and its stock price. The complaint covers shareholders who suffered potentially hundreds of billions of dollars of losses in the year ending June 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes modest. Apple did not immediately respond to requests for comment. CEO Tim Cook, Chief Financial Officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court. Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly. But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone 16s. Shareholders said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026, and continued through this year's Worldwide Developers Conference on June 9 when Apple's assessment of its AI progress disappointed analysts. Apple shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market value. The case is Tucker v. Apple Inc et al, U.S. District Court, Northern District of California, No. 25-05197.
