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Apple faces shareholder lawsuit over alleged AI misrepresentation [Yahoo! Finance]
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US:NASDAQ Investor Relations: investor.apple.com
The complaint alleges that Apple's actions negatively impacted iPhone sales and its stock price, resulting in significant financial losses for investors, reported Reuters The lawsuit, covering shareholders who incurred losses in the year ending 9 June, claims that the company's announcements at its June 2024 Worldwide Developers Conference suggested that AI advancements would significantly enhance the iPhone 16. Specifically, the introduction of “Apple Intelligence” was presented to improve Siri's functionality and user experience. However, shareholders, led by plaintiff Eric Tucker, allege that the company lacked a working prototype of these AI-driven Siri features and had no reasonable basis to believe they would be ready for the iPhone 16. According to the complaint, Apple's challenges became apparent on 7 March when the company announced that certain Siri upgrades would be delayed until 2026. The lawsuit names CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri
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