Apple Seeks Dismissal of AI-Related Class Action Lawsuit
Apple has recently filed a motion to dismiss a class action lawsuit alleging that the company misled shareholders regarding delays in its artificial intelligence (AI) initiatives and its compliance with an injunction from the Epic Games lawsuit. The lawsuit, spearheaded by South Korea’s National Pension Service, claims that Apple’s actions resulted in significant stock market losses.
The plaintiffs accuse Apple of two main transgressions:
1. Overpromising Siri Capabilities: The lawsuit contends that Apple exaggerated the advancements and timelines of its AI features, particularly enhancements to Siri, leading to unmet expectations among investors.
2. Inadequate Compliance with Epic Injunction: The plaintiffs argue that Apple failed to properly adhere to the court-ordered injunction related to the Epic Games lawsuit, which mandated changes to Apple’s App Store policies.
In its defense, Apple asserts that these claims lack substantial evidence. The company emphasizes that there is no proof it was aware of potential AI feature delays at the time of their announcement in 2024. Additionally, Apple maintains that its efforts to comply with the Epic injunction were made in good faith and that any shortcomings were not intentional.
Apple’s filing states, 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.
The lawsuit focuses on stock price fluctuations between May 3, 2024, and May 1, 2025. During this period, Apple’s stock price increased from $183 to $213, and as of today, it stands at $272.
This case highlights the complexities of shareholder lawsuits and the challenges in proving corporate misrepresentation. As the legal proceedings continue, the outcome will be closely watched by investors and industry observers alike.
