Apple has urged a federal judge to dismiss a proposed class action lawsuit. The suit alleges that Apple defrauded shareholders on two counts: by overstating the artificial intelligence capabilities of its voice assistant Siri, and by making false statements regarding its compliance with a court order related to app sales commissions.
In documents filed on Wednesday with the federal court in San Jose, California, Apple stated there is no evidence that, during a discussion about AI at a meeting in June 2024, the company already knew that integrating two advanced AI features into Siri would take longer than anticipated and could impact iPhone 16 sales.
Apple delayed some Siri upgrade plans the following March. Two months later, Chief Executive Tim Cook stated that developing a "more personalized" Siri was "taking a bit longer than we thought."
Apple also asserted that it never guaranteed the process designed to comply with the 2021 Epic Games injunction was foolproof. The order required Apple to allow app users to pay developers directly, bypassing Apple's commission system.
"It is well-known that Apple faced numerous challenges in 2025, and its stock price experienced fluctuations, as is common with many large companies," Apple said. "However, the plaintiffs have made baseless and excessive inferences, alleging that securities fraud caused a temporary decline in the stock price."
The lawsuit covers shareholders who held Apple stock between May 3, 2024, and May 1, 2025. During this period, the Cupertino-based company's stock price potentially caused shareholders losses amounting to hundreds of billions of dollars. On May 1, 2025, a judge ruled that Apple had violated the aforementioned injunction.
A legal team representing shareholders, led by South Korea's National Pension Service—the world's third-largest pension fund with nearly $1 trillion in assets under management—has not yet responded to requests for comment.
The relevant injunction required Apple to provide app users with links for external purchases, allowing developers to avoid paying Apple's 30 percent commission on in-app purchases.
The judge overseeing the case had previously criticized Apple for establishing a new system that charges a 27 percent commission on some external sales. In December, a federal appeals court partially overturned the sanctions ruling against Apple.
Comments