Apple Sued By Shareholders For Allegedly Overstating AI Progress
(Friday June 20, 2025 @05:50PM (BeauHD)
from the hey-Siri-lawyer-up dept.)
- Reference: 0178122405
- News link: https://yro.slashdot.org/story/25/06/20/2147258/apple-sued-by-shareholders-for-allegedly-overstating-ai-progress
- Source link:
Apple is facing a proposed class-action lawsuit from shareholders who allege the company [1]misled investors about the readiness of its AI-powered Siri upgrades , contributing to a $900 billion drop in market value. Reuters reports:
> 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 [2]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.
[1] https://www.reuters.com/sustainability/boards-policy-regulation/apple-sued-by-shareholders-over-ai-disclosures-2025-06-20/
[2] https://apple.slashdot.org/story/25/06/13/196231/the-vaporware-that-apple-insists-isnt-vaporware
> 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 [2]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.
[1] https://www.reuters.com/sustainability/boards-policy-regulation/apple-sued-by-shareholders-over-ai-disclosures-2025-06-20/
[2] https://apple.slashdot.org/story/25/06/13/196231/the-vaporware-that-apple-insists-isnt-vaporware
As a shareholder.... (Score:1)
I oppose this lawsuit.
What do these people want? Their money back?!?! Fuck that. Buy more shares while the stock is priced at a discount.
All this lawsuit will do is cost the shareholders money.
Seems dumb.