Trend Future Income
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

Trend Future Income

Business

Apple sued by shareholders who allege it overstated AI progress

by admin June 23, 2025
June 23, 2025

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 Dec. 26, 2024 ,record high, wiping out approximately $900 billion of market value.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
FinEx Metals
next post
A weakened Tehran lashes out performatively against US airbases to save face

You may also like

Microsoft says goodbye to the Windows blue screen...

DOJ seizes record $225 million in crypto tied...

Tesla agrees to first deal to build China’s...

Meta is finally bringing ads to WhatsApp

Inflation picks up again in June as tariffs...

Kraft Heinz to remove artificial dyes from U.S....

Anne Wojcicki to buy back 23andMe and its...

Lululemon sues Costco over selling alleged dupes

Nvidia CEO Huang sells $15 million worth of...

U.S. online stores put up ‘out of stock’...

Microsoft says goodbye to the Windows blue screen...

DOJ seizes record $225 million in crypto tied...

Tesla agrees to first deal to build China’s...

Meta is finally bringing ads to WhatsApp

Inflation picks up again in June as tariffs...

Kraft Heinz to remove artificial dyes from U.S....

Anne Wojcicki to buy back 23andMe and its...

Lululemon sues Costco over selling alleged dupes

Nvidia CEO Huang sells $15 million worth of...

U.S. online stores put up ‘out of stock’...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Rubio bans overseas outposts commenting on foreign elections unless there’s ‘clear and...

    • Unearthed chats shed light on cozy ties between judges, climate activists

    • White House releases Trump health update after speculation over swollen legs, bruised hands

    • UK government to lower voting age to 16 before next national election despite strong conservative opposition

    • Crypto Market Update: House of Representatives Advances Motion to Consider Crypto Bills

    Categories

    • Business (56)
    • Investing (417)
    • Politics (567)
    • World (263)
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting

    Disclaimer: trendfutureincome.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 trendfutureincome.com | All Rights Reserved


    Back To Top