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In a lawsuit that slices into Apple’s AI ambitions like a dropped call in a tunnel, an investor has filed a proposed securities class action against the tech titan, accusing it and top executives of misleading the market about the capabilities and timeline of its much-hyped AI-enhanced Siri rollout.

Filed Friday in California federal court, the 33-page complaint from investor Eric Tucker names Apple Inc., CEO Tim Cook, former CFO Luca Maestri, and current CFO Kevan Parekh as defendants. The suit alleges they falsely inflated Apple’s financial outlook by promoting Siri's new AI-powered features — promised as part of the iPhone 16 — while privately knowing they weren’t ready for launch.

Promises of Siri 2.0 Crumble Under Delays

Tucker contends that Apple’s June 2024 Worldwide Developer Conference (WWDC) announcement of "Apple Intelligence" — featuring deep Siri integration — created a wave of anticipation among investors and consumers. But behind the scenes, Apple allegedly lacked a working prototype, making it "highly unlikely" that these features could debut with the iPhone 16 as advertised.

In a dramatic twist that echoes Silicon Valley’s love affair with vaporware, Apple quietly yanked ads from its website and YouTube promoting the features and announced indefinite delays in March. The fallout was swift.

Stock Slide Sparks Legal Firestorm

• March 10: Apple’s stock plunged 4.85%, losing $11.59 to close at $227.48 per share.

• Mid-March: A Morgan Stanley downgrade sliced Apple's target price from $275 to $252, citing AI setbacks. Shares dropped another 5.05% to $209.68.

• April: Amid mounting criticism, Apple’s stock dropped 7.28%, or $14.79, to $188.13.

• June 9: With no AI updates announced at WWDC 2025, shares dipped again by $2.47, closing at $201.45.

The lawsuit alleges these drops were tied directly to Apple’s failure to disclose the risks of not delivering the promised AI features.

Inside Apple: “Ugly and Embarrassing” Delays

Tucker cites insider revelations that paint a troubling picture. During an all-hands meeting in the wake of the delays, Robby Walker, Apple’s Siri lead, reportedly admitted the company had prematurely promoted the technology, calling the situation “ugly and embarrassing.” Other senior leaders, including Software VP Craig Federighi, allegedly shared deep concerns over the tech’s functionality.

Some AI division employees feared the Siri project might be scrapped or rebuilt from scratch, raising doubts about whether the features would ever see the light of day.

“There is no guarantee that the advanced AI-based Siri features Apple promised will ever be available,” the complaint warns.

Executives Allegedly Cashed Out

During the class period, while Apple’s stock rode the high of its AI promises, Cook and other executives allegedly sold millions in shares:

• Tim Cook: 363,747 shares for $81.9 million

• Luca Maestri: 67,977 shares for $15.3 million

• Kevan Parekh: 7,319 shares for $1.4 million

The complaint accuses them of profiting while withholding key facts from the public.

Legal Ground and Broader Litigation Landscape

Tucker’s two-count complaint cites violations of Section 10(b) and Section 20(a) of the Securities Exchange Act. He seeks class certification for investors who bought Apple stock between June 10, 2024, and June 9, 2025, along with damages, attorney fees, and expert costs.

Tucker is represented by Jennifer Pafiti, Jeremy A. Lieberman, and J. Alexander Hood II of Pomerantz LLP. As of press time, counsel for Apple has not responded to requests for comment.

This isn’t Apple’s first tangle with litigation over its AI road map. In April and May, the company was hit with consumer protection lawsuits in all 50 states, accusing it of using AI promises as a bait-and-switch scheme to boost iPhone 16 sales.