HomeApple Denies Fraud Allegations Over Siri AI and Shareholder Communications
Apple has formally requested the court to dismiss fraud allegations related to "billions in losses," responding to a class-action lawsuit spearheaded by South Korea's National Pension Service, the world's third-largest pension fund.
In this prominent lawsuit, plaintiffs accuse Apple of two primary fraudulent acts: first, intentionally overstating the progress of Siri's AI upgrades, which misled investors about the iPhone 16's sales potential; second, issuing false statements concerning App Store fee compliance in the Epic Games legal dispute.
Addressing the Siri AI delay issue, Apple's filing refutes the allegations. The company states it could not have foreseen the extended integration timeline when announcing the technology in June 2024. The plan was only partially delayed until March of the following year, and CEO Tim Cook has publicly noted that developing personalized AI proved more complex than anticipated.
Concerning the App Store commission dispute, plaintiffs contend Apple promised to adhere to an "allow external payments" order but instead created a workaround with a new 27% fee structure. Apple counters that it never claimed its compliance process was "perfect," and notes that a federal appeals court had already lifted certain related penalties by late 2025.
Apple maintains that the plaintiffs' characterization of stock price movements as "securities fraud" is a legal overreach. The case, now before the U.S. District Court for the Northern District of California in San Jose, is poised to set a significant precedent for AI-related disclosures by major technology firms.
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Apple has formally requested the court to dismiss fraud allegations related to "billions in losses," responding to a class-action lawsuit spearheaded by South Korea's National Pension Service, the world's third-largest pension fund.
In this prominent lawsuit, plaintiffs accuse Apple of two primary fraudulent acts: first, intentionally overstating the progress of Siri's AI upgrades, which misled investors about the iPhone 16's sales potential; second, issuing false statements concerning App Store fee compliance in the Epic Games legal dispute.
Addressing the Siri AI delay issue, Apple's filing refutes the allegations. The company states it could not have foreseen the extended integration timeline when announcing the technology in June 2024. The plan was only partially delayed until March of the following year, and CEO Tim Cook has publicly noted that developing personalized AI proved more complex than anticipated.
Concerning the App Store commission dispute, plaintiffs contend Apple promised to adhere to an "allow external payments" order but instead created a workaround with a new 27% fee structure. Apple counters that it never claimed its compliance process was "perfect," and notes that a federal appeals court had already lifted certain related penalties by late 2025.
Apple maintains that the plaintiffs' characterization of stock price movements as "securities fraud" is a legal overreach. The case, now before the U.S. District Court for the Northern District of California in San Jose, is poised to set a significant precedent for AI-related disclosures by major technology firms.
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