Apple is facing a proposed class action lawsuit alleging that it misled investors regarding the development timeline of its artificial intelligence features and its compliance with a legal injunction linked to the Epic Games case. The lawsuit claims that the company overstated the capabilities of its Siri voice assistant, which may have impacted stock performance.
The legal filing also points to a decline in Apple's stock following a ruling by Judge Yvonne Gonzalez Rogers, which found the company in violation of an injunction that required adjustments to its App Store commission structure. The lawsuit is led by South Korea’s National Pension Service, the third-largest pension fund globally, managing nearly $1 trillion in assets.
In its defense, Apple argued that there was insufficient evidence to support claims of fraud, asserting that discussions about AI at a June 2024 conference did not guarantee the timely integration of new features into Siri. The company maintained that it faced stock fluctuations in 2025, but these did not equate to securities fraud.