A major securities class-action lawsuit has been filed against Apple Inc. by shareholder Eric Tucker, alleging the company misled investors about the readiness of its advanced Siri AI features announced at WWDC 2024. The case, dubbed Tucker v. Apple Inc., names CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri as defendants  .

What Happened?

In June 2024, Apple unveiled Apple Intelligence, including next-generation Siri capabilities, implying these features would arrive with the iPhone 16. However, the lawsuit claims Apple did not have a working prototype at that time—and could not reasonably believe the features would be ready  .

By March 2025, Apple officially announced a delay of the advanced Siri upgrade to 2026, and at WWDC 2025 it offered little new information on Siri’s progress  .

Market Fallout

The announcement triggered a sharp 13% drop in Apple’s stock value in the following week, and shares have declined overall since late 2024—shaving off close to $900 billion in market capitalization  .

Shareholders claim they lost hundreds of billions of dollars due to Apple’s alleged misrepresentations  .

Legal Claims

• Securities fraud: Misleading investors about the development and launch timeline of Siri’s AI capabilities  .
• False statements: The original pitch at WWDC 2024 created biased investor expectations that were never met .

What’s Next?

The lawsuit is currently pending in the Northern District of California federal court. It remains to be seen whether Apple will settle or whether the court will certify it as a full class action. Apple has not yet issued a public statement in response .