Apple (AAPL) Investors Launch Class Action Lawsuit: ’AI Roadmap Failures Cost Us Billions’
Shareholders are sharpening their knives—and their legal filings—as Apple faces a fiery class action over alleged AI development delays.
Wall Street wants answers: Did Apple's slow-roll AI strategy breach fiduciary duty while rivals sprinted ahead?
The lawsuit claims missed deadlines and vaporware promises evaporated billions in market cap. Meanwhile, Tim Cook's team keeps touting 'thoughtful approach' as investors scream 'too little, too late.'
Bonus jab: At least the lawyers will get paid—in actual dollars, not 'revolutionary AI equity.'
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The consumer electronics giant has been was sued by its shareholders in a proposed class action case. The lawsuit accuses Apple of downplaying the time needed to integrate advanced AI features into its Siri digital assistant, hurting iPhone sales and the company’s stock price.
Essentially Apple is being accused of not moving fast enough to upgrade Siri with new AI features that will help boost iPhone sales and AAPL stock. The lawsuit has been filed in a San Francisco-based federal court and seeks unspecified damages for shareholders who have lost money in the year ending June 9.
AI Problems
The complaints leveled by shareholders in the class action lawsuit have been echoed by Wall Street analysts who have accused Apple’s senior management team of dragging their feet on AI upgrades for the company’s various devices, notably the iPhone that accounts for half of the company’s annual revenue.
An upgraded Siri with AI capabilities has long been viewed as a potential gamechanger for the iPhone and something that analysts and investors continue to push for from Apple. However, the company recently pushed back the timing for an AI-enabled Siri to mid-2026 as its engineers work on the technology.
Apple’s stock has continued to sink following the company’s latest annual developer conference held earlier in June that was light on substantive AI upgrades, further disappointing shareholders and the analyst community. AAPL stock is down 20% this year.
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 29 Wall Street analysts. That rating is based on 16 Buy, nine Hold, and four Sell recommendations assigned in the last three months. The average AAPL price target of $226.94 implies 15.44% upside from current levels.
