<ul data-eligibleForWebStory="true"><li>Apple faces a securities fraud class action lawsuit from shareholders for allegedly misrepresenting the timeline for integrating advanced AI into Siri.</li><li>The lawsuit alleges that Apple's claims on AI advancements impacted iPhone sales and stock price negatively.</li><li>CEO Tim Cook, CFO Kevan Parekh, and former CFO Luca Maestri are named as defendants in the lawsuit.</li><li>Shareholders claimed Apple lacked a functional prototype of AI-based Siri features promised for iPhone 16 devices.</li><li>Apple's stock value plunged nearly one-fourth since December 2024, erasing about $900 billion in market value.</li><li>The lawsuit contends that Apple's announcements on AI progress were not met with actual developments as disclosed.</li><li>The case is filed as Tucker v. Apple Inc et al in the U.S. District Court, Northern District of California.</li></ul>

Apple sued by shareholders for fraudulently overstating Siri AI progress

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