Apple has asked a federal judge to dismiss a proposed class action lawsuit that accuses the company of misleading investors about its Apple Intelligence and Siri features, as well as its compliance with a court order tied to the Epic Games case. The lawsuit claims Apple overstated Siri’s artificial intelligence capabilities and misrepresented how it followed rules on App Store commissions, which allegedly led to stock losses.
The case covers shareholders who held Apple stock between May 3, 2024 and May 1, 2025. Plaintiffs argue that delays in advanced Siri features and legal setbacks in the Epic case caused significant financial damage.
Reuters reported that Apple urged a federal judge in San Jose, California to throw out the lawsuit, arguing there is no proof the company knowingly misled investors when it discussed AI plans at a June 2024 conference.
Apple Denies Fraud Claims
In its court filing, Apple said there was no evidence it knew at the time that two advanced AI features for Siri would take longer than expected to develop. The company later delayed some Siri upgrades, and CEO Tim Cook admitted that building a “more personal” Siri was taking longer than planned.
Apple also addressed the Epic Games injunction, which required the company to allow developers to include external payment links to avoid the standard 30 percent commission. The judge later criticized Apple for introducing a 27 percent commission on some external sales.
In its defense, Apple stated:
“It is no secret that Apple faced challenges and weathered ups and downs in its stock price in 2025, like many major companies. But plaintiff takes a massive and unsupported leap by claiming that securities fraud caused the temporary price drops.”
Apple further said it “provided no assurance” that its compliance procedures under the 2021 injunction would be foolproof.
The shareholder group is led by South Korea’s National Pension Service, one of the world’s largest pension funds. The court has not yet ruled on Apple’s request to dismiss the case.
