Class Action Filed Against Apple Inc. Over Alleged Misleading AI Features and Securities Violations

Major Class Action Against Apple Inc.

In a significant development for investors, Pomerantz Law Firm has officially announced the filing of a class action lawsuit against Apple Inc. (Apple or the Company) and certain of its top officials. This legal action, initiated in the United States District Court for the Northern District of California, has been docketed under case number 25-cv-05197. The class action is on behalf of individuals and entities that purchased or otherwise acquired Apple securities between June 10, 2024, and June 9, 2025, inclusive, seeking to recover damages associated with alleged violations of federal securities laws.

Background of the Lawsuit

Investors argue that Apple misled them regarding its advanced artificial intelligence (AI) features related to Siri, the company's digital assistant. Notably, Apple had touted these features during the Worldwide Developers Conference (WWDC) in June 2024 as a compelling reason for consumers to purchase the newly introduced iPhone 16 devices. The Company described its new AI features as capable of integrating users' personal contexts to enhance the Siri experience, making it seem more intuitive and responsive than ever before.

However, according to the lawsuit, at the time of the 2024 WWDC, Apple did not possess a functional prototype of these promised features and had no reasonable expectation that they could be delivered on schedule. This alleged misrepresentation has significant implications, as the Class Period encompasses the timeline in which investors made buying decisions influenced by Apple's communications.

Allegations Made

The complaint raises several serious allegations against Apple and its executives:
1. Misleading Statements: Investors allege that Apple made materially false and misleading statements regarding its business operations and the feasibility of integrating advanced AI features into its products.
2. Delayed Progress: It claims that Apple misrepresented the time frame necessary to implement these features, which likely hindered the sales potential of the iPhone 16 products.
3. Stock Impacts: As a result of these alleged misstatements, Apple's stock valuations plummeted following multiple announcements regarding delays and cancellations of features previously marketed.

These allegations escalated when, on March 7, 2025, Apple announced it would indefinitely delay the rollout of its promised Siri updates, coining the features mentioned in prior communications as vaporware. Following this announcement, Apple's stock dropped noticeably, and investor confidence was shaken.

Key Developments in the Class Period

Throughout the Class Period, a series of events contributed to declines in Apple's stock price. On March 10, 2025, after the announcement regarding Siri's indefinite delay, shares of Apple dropped by nearly five percent. Later, on March 12, Morgan Stanley's analyst revised the target price for Apple shares, foreseeing negative impacts on the company's sales cycle due to the delay in implementing AI features. This report led to a further decline in stock price, reflecting the market's skepticism towards Apple's ability to deliver on its promises.

Moreover, a Wall Street Journal article titled "Apple and Amazon Promised Us Revolutionary AI. We're Still Waiting" underscored the broader concerns regarding the company’s perceived failures in executing advanced technology promises. Following the publication of this article, Apple's stock fell again, culminating in a disappointing response to the company's subsequent WWDC in June 2025, where no updates on promised features were made.

Legal Guidance for Affected Investors

Investors who purchased Apple stock during the Class Period are encouraged to seek participation in this class action prior to the deadline of August 19, 2025, to ask the Court to appoint them as Lead Plaintiff. Detailed information about the case and the ability to review the filed Complaint is accessible through Pomerantz Law Firm's website.

The Pomerantz Law Firm, known for its expertise in corporate, securities, and antitrust class litigation, is committed to representing individuals in their fight against securities fraud and corporate malfeasance. This class action is particularly crucial as it seeks to hold corporations accountable for their public statements and the impacts those statements have on investors.

Filing a class action lawsuit is a pivotal step to address grievances and seek justice for alleged misrepresentations that may have led to financial losses. Investors who have been affected by these events must navigate this legal landscape carefully, as outcomes could have significant ramifications for both Apple and its shareholder base.

As the lawsuit progresses, all eyes will be on Apple to see how this situation unfolds and how it may impact the company's reputation and market position in the competitive technology sector.