Complaint involves investors that claim to have suffered significant losses, which may reach hundreds of billions of dollars, in the period that ended on June 9
It faces a collective action brought by shareholders who accuse her of underestimating the time needed to integrate artificial intelligence with her voice assistant, Siri. This situation, according to the complainants, negatively impacted iPhone sales and the value of their shares. The complaint involves investors that claim to have suffered significant losses, which may reach hundreds of billions of dollars, in the period that ended on June 9. Shareholders, under Eric Tucker’s leadership, maintain that the company made them believe that artificial intelligence would be a crucial element for the launch of iPhone 16. However, they claim that Apple did not present a functional prototype that demonstrated AI -based Siri’s abilities. Dissatisfaction began to speak on March 7, when the company announced the postponement of some assistant updates to 2026.
The situation worsened during this year’s World Developers Conference (WWDC), where Apple’s assessment of his progress in artificial intelligence did not meet analysts expectations. This negative perception of AI development contributed to the devaluation of the company’s shares, which have already lost almost 25% of its value since the historic peak recorded on December 26, 2024. As a result of this fall, Apple saw its market value shrink at about $ 900 billion. The collective action reflects the frustration of shareholders with the lack of transparency and the expectation not complied with the innovations promised by the technology giant.
Posted by Sarah Paula
*Report produced with the aid of AI
