In a Wednesday court filing, Apple argued that there is no evidence it knew during a June 2024 conference that certain advanced AI features for Siri would be delayed, which plaintiffs claim may have affected iPhone 16 sales. Some Siri upgrades were postponed the following March, and CEO Tim Cook later stated that developing a “more personal” Siri was taking longer than expected.
Apple also challenged claims regarding its efforts to comply with a 2021 injunction from a case brought by Epic Games, which required the company to allow app users to pay developers directly instead of being charged a 30% App Store commission. Apple noted that it never guaranteed its compliance system would be completely foolproof and argued that stock price fluctuations in 2025 were typical of large companies.
The lawsuit targets shareholders who suffered losses in Apple stock between May 3, 2024, and May 1, 2025, including investors such as South Korea’s National Pension Service, one of the world’s largest pension funds.
The injunction dispute stems from Apple implementing a new system that still charged 27% commissions on some external sales, which a federal judge criticized. A federal appeals court partially reversed those sanctions in December 2025.
Apple’s filing frames the case as speculative, arguing that shareholders cannot prove that securities fraud directly caused temporary stock price declines. Lawyers representing the plaintiffs have not yet commented.