The lawsuit accuses Apple of having misled investors about the timeline and readiness of its Apple Intelligence and Siri features, as well as in relation to the Epic Games case. Here are the details.
Apple denies fraud claims
As Reuters reported:
“Apple urged a federal judge to dismiss a proposed class action claiming it defrauded shareholders twice, by overstating the artificial intelligence capabilities of its Siri voice assistant and falsely representing its compliance with an injunction governing commissions on app sales.”
In its filing, Apple reportedly argues that “there was no proof it knew when discussing AI at a June 2024 conference that it would take longer than expected to incorporate two advanced AI features into Siri, potentially hurting iPhone 16 sales”.
Interestingly, Apple’s motion also addresses the Epic Games litigation. The second fraud claim centers on that case, specifically the stock decline that followed Judge Yvonne Gonzalez Rogers’ finding that Apple had violated her original injunction requiring changes to the App Store’s commission rules.
The report notes that Apple’s defense states that the company “provided no assurance that its procedures designed to comply with [the] 2021 injunction […] would be foolproof.”
According to Reuters, the shareholder plaintiffs are led by South Korea’s National Pension Service, the world’s third-largest pension fund with nearly $1 trillion in assets.
As part of Apple’s defense, the company’s legal team reportedly said that while its stock “faced challenges and weathered ups and downs” in 2025, it would be a “massive and unsupported leap” to claim that it committed securities fraud.
To read Reuters’ full report, follow this link.
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