Apple sued by shareholders for allegedly overstating AI progress, leading to financial losses

From Yahoo Finance: 2025-06-20 14:28:00

Apple is facing a securities fraud class action lawsuit from shareholders who claim the company misled them about integrating advanced AI into Siri, leading to decreased iPhone sales and a drop in stock price. The lawsuit, filed in San Francisco federal court, names CEO Tim Cook and other executives as defendants. Shareholders allege that Apple’s AI promises were not fulfilled, causing disappointment and financial losses. The company’s stock has plummeted by nearly one-fourth since December 2024, erasing around $900 billion in market value. The case is ongoing in the U.S. District Court, Northern District of California.



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