Home / Business and Economy / Apple Fights Shareholder Lawsuit Over AI and App Fees
Apple Fights Shareholder Lawsuit Over AI and App Fees
26 Feb
Summary
- Apple seeks dismissal of a class action alleging shareholder fraud.
- Lawsuit claims Apple misled on AI capabilities and app commission compliance.
- Shareholders allege over $100 billion in losses between May 2024 and May 2025.
Apple is actively contesting a proposed class action lawsuit that accuses the company of defrauding shareholders on two fronts. The claims center on alleged misrepresentations regarding the artificial intelligence capabilities of its Siri voice assistant and its adherence to an injunction concerning app sales commissions.
The company, in a recent court filing, argued there was insufficient proof it knowingly misled investors about Siri's AI development timeline at a June 2024 conference. Delays in incorporating advanced AI features into Siri, which were acknowledged later in March and publicly by CEO Tim Cook in May 2025, are at the heart of this part of the suit.
Furthermore, Apple is refuting claims that it failed to comply with a 2021 injunction related to app commissions. This injunction, stemming from a case brought by Epic Games, required Apple to allow app users to pay developers directly, bypassing hefty commissions. The company maintains it did not guarantee its compliance procedures would be foolproof.
The lawsuit covers shareholders who experienced substantial stock price declines, reportedly in the hundreds of billions of dollars, between May 3, 2024, and May 1, 2025. Apple contends that temporary stock fluctuations are common and that the plaintiffs' leap to claim securities fraud is unsupported.
