Apple faces lawsuit over Siri delays affecting stock value

A shareholder named Eric Tucker has filed a class action lawsuit against Apple in a California court, claiming the company broke U.S. securities laws. The lawsuit also names Apple’s CEO Tim Cook, former CFO Luca Maestri, and current CFO Kevan Parekh as defendants. It accuses Apple of making misleading statements about a new, advanced version of Siri shown at the 2024 WWDC.

The complaint says Apple didn’t have a working prototype of these AI-powered Siri features and couldn’t realistically deliver them for the iPhone 16, as promised. The lawsuit argues that Apple’s false claims caused its stock price to drop, hurting shareholders. After Apple announced in March 2025 that the Siri upgrades would be delayed until 2026, its stock fell nearly 13% in a week.

The suit also mentions a pulled YouTube ad featuring actor Bella Ramsey promoting the delayed Siri features. Unlike earlier lawsuits about false advertising, this one focuses on securities law violations. Apple’s marketing chief, Greg Joswiak, said the Siri updates are now planned for iOS 26.4 in 2026. Apple hasn’t commented on the lawsuit yet, which still needs a judge’s approval to move forward as a class action.