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.
