07:01 AM EDT, 06/23/2025 (MT Newswires) -- Apple ( AAPL ) is facing a proposed securities fraud class-action lawsuit filed by shareholders who claim the company misled investors about its progress in integrating advanced AI into Siri, which they allege harmed iPhone sales and the stock price, Reuters reported Friday.

The suit, filed in the San Francisco federal court, names Chief Executive Tim Cook, Finance Chief Kevan Parekh and former CFO Luca Maestri as defendants. It covers alleged investor losses through June 9, 2025, according to the report.

The complaint also accused Apple ( AAPL ) of overstating its AI readiness ahead of the iPhone 16 launch and misleadingly positioning Siri upgrades as a key feature, the report said.

Shareholders alleged Apple ( AAPL ) did not have a functional AI prototype and knew the features won't be ready in time, Reuters said, adding that concerns escalated after Apple ( AAPL ) delayed Siri improvements to 2026 and revealed modest AI advancements at its June 2024 developer conference.

Apple ( AAPL ) did not immediately respond to MT Newswires' request for comment.

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