Apple has clashed with investors over its artificial intelligence projects. The company’s shareholders have filed a class action lawsuit against Apple for securities fraud on the grounds that artificial intelligence innovations expected to be integrated into Siri were incorrectly presented to the public.

Investors filed a lawsuit against Apple

The complaint, filed in federal court in San Francisco, stated that Apple promised to introduce artificial intelligence features that would transform Siri in 2024, but these technologies were still not ready and their release was postponed to 2026.

The basis of the lawsuit is the Worldwide Developers Conference (WWDC) held in June 2024. Apple introduced its artificial intelligence system, which it called “Apple Intelligence”, at this event. In the introduction, it was announced that Siri would become a much more personal, context-oriented assistant that could work with different applications.

The expectation that these innovations would be included especially in the iPhone 16 was created, and the impression was given that the company was about to present a working system to the public. However, according to the lawsuit, Apple did not even have a working prototype.

Despite this, it was stated in the statements to investors that these features would be released with the iPhone 16, and expectations for the company’s stocks increased due to these promises. The information that the innovations in Siri were delayed was later confirmed by Apple.

The company announced that these features would be available in 2026. The information that the manager in charge of Siri projects was dismissed and the responsibility for artificial intelligence development was transferred to Mike Rockwell, the leader of the Vision Pro unit, was also reflected in the lawsuit documents.

Apple’s shares have lost approximately 25 percent of their value since the record level they reached on December 26, 2024. This loss erased approximately $900 billion from the company’s market value. Shareholders, on the other hand, took action against Apple to compensate for this loss.