Share holders filed a case against Apple, know what is the reason

Updated: 21-06-2025, 07.13 AM

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The shareholders have filed a case against Apple in the proposed securities fraud class action. It is alleged that he has underestimated his time limit to implement Advanced Artificial Intelligence (AI) in his Siri Voice Assistant. This has led to a decline in iPhone sales and its shares. Complainant shareholders include those who have lost billions of rupees till June 9.

Shareholders accused this

The shareholders said that at the Worldwide Developers Conference of June 2024, Apple launched Apple Intelligence to make Siri more powerful and users. At that time he was assured that AI would be the main driver of the iPhone 16. He said that the company lacks functional prototypes of AI-based Siri facilities and cannot be believed that these features will be prepared for the iPhone 16 at any time.

Developed in the announcement of developers conference

The shareholders said that the truth of delay in AI began to reveal on March 7, when Apple postponed some Siri upgrades till 2026. Apple’s assessment of AI Pragati at the Worldwide Developers Conference of this year on 9 June also disappointed analysts. The price of Apple’s shares has fallen by about a quarter of the record high of 26 December, 2024.