Apple shareholders are suing the company they own. They believe they were deceived by the firm's AI promises.
A lawsuit for securities fraud has been filed against Apple. This is a rather unusual class action, as the company's own shareholders are suing it. Apple is accused of misleading its investors by announcing artificial intelligence features for its products, which ultimately weren't ready.
The complaint was filed in the Northern District of California, in San Francisco, on June 20, 2025. Apple is accused of minimizing the time needed to deploy Apple Intelligence, which was widely touted during the iPhone 16 unveiling. This included talk of Siri finally becoming smarter and more relevant, while Apple's voice assistant lags far behind Google's in many ways.
AI's slump for Apple
The plaintiffs say Apple's failure to meet its publicly disclosed timeline has contributed to declining iPhone sales, damaged consumer trust in the brand, and caused a significant drop in the company's stock price. This last point, however, may be difficult to defend. The trade wars initiated by Donald Trump have shaken a large part of the tech industry. Apple will undoubtedly be able to argue that its share price has suffered the consequences of US policy, pointing to other major tech groups as examples.
In any case, the Apple brand is clearly lagging behind in terms of AI. We thought the announcement of iOS 26 at WWDC would serve to reassure us, but that wasn't really the case. Apple mainly communicated about its new Liquid Glass interface, relegating AI to the background. While we hoped that the features unveiled last year would arrive in the fall with the iPhone 17, we will ultimately have to wait until 2026 to see them arrive, and we'll see in what state. Apple is even considering buying Perplexity to catch up on AI.
A few weeks ago, Apple was already sued for false advertising in the United States and Canada, this time by consumers. The reason is the same: the company has not kept its promises regarding AI.
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