The tech giant Apple is pushing back against a major shareholder lawsuit, asking a federal court to throw out claims that the company misled investors on two fronts: exaggerating what its Siri voice assistant could do with artificial intelligence and failing to properly follow court orders about App Store fees.
According to court documents filed Wednesday in San Jose, California, Apple argues there’s no evidence the company knowingly made false statements about AI capabilities during a June 2024 conference, even though Siri upgrades were later delayed and took longer than anticipated to roll out.
The delays became apparent when Apple postponed certain Siri improvements the following March. Two months after that, CEO Tim Cook acknowledged that creating a “more personal” Siri was “taking a bit longer than we thought.”
The lawsuit also targets Apple’s handling of a 2021 court order stemming from the Epic Games case, which required the company to allow app users to pay developers directly instead of going through Apple’s commission system. Apple maintains it never promised its compliance procedures would be perfect.
“It is no secret that Apple faced challenges and weathered ups and downs in its stock price in 2025, like many major companies,” Apple stated in its filing. “But plaintiff takes a massive and unsupported leap by claiming that securities fraud caused the temporary price drops.”
The legal action represents Apple investors who may have lost hundreds of billions of dollars in stock value between May 3, 2024, and May 1, 2025. That end date coincides with when a judge determined Apple was not properly following the court injunction.
Leading the shareholder group is South Korea’s National Pension Service, which manages nearly $1 trillion in assets and ranks as the world’s third-largest pension fund. Legal representatives for the shareholders have not yet responded to requests for comment.
The court order in question was designed to reduce Apple’s control over app purchases by requiring the company to provide external payment links, allowing developers to avoid the standard 30% commission on App Store transactions.
However, the judge overseeing the original case criticized Apple for establishing a new system that still charged developers a 27% commission on some external sales. A federal appeals court later partially overturned her sanctions in December.
