Apple Sued by Shareholder Over Delayed Siri Features Allegedly Lowering Stock Price

[Dark_Omen]

The complaint alleges that Apple made false statements related to the more personalized version of Siri that it previewed during its WWDC 2024 keynote. The complaint alleges that these actions hurt the company's stock price, and thereby harmed shareholders.

"Unbeknownst to investors, Apple lacked a functional prototype of these advanced AI-based Siri features at the time of the 2024 WWDC and had no reasonable basis to believe it could deliver the product it was advertising within the iPhone 16 product cycle, if ever," the lawsuit alleges.

As a company, you don't preview something that'll never happen. Better yet, don't preview something that'll never happen and give it a release timeline.

While I can't comment on where Apple came up with the "spring 2025" target from, it indeed was missed in an embarasssing fashion. There was no reason, other than to give the latest Apple products some marketing "buzz," that Apple Intelligence should have been mentioned in ANY advertisement until the feature was fully functional. Apple's executive team is not filled with stupid people -- they knew the iPhone 16 and other devices wouldn't sell that well without including the Apple Intelligence slogan.

I don't work at Apple as an executive decision maker, but even I could tell Apple Intelligence was going to be a mess. Siri is just incapable of being intelligent. Why did Apple just integrate an LLM (ChatGPT) with Siri, rather than build a completely different platform from the ground up? Siri's reputation is shattered, and it isn't a good direction to go.

 

[Dark_Omen]

stock prices fluctuate up and down after every announcement.

sometimes defying what was said.

markets are emotional. not sensible.
hard to pin an increase on one thing when it could have been just a positive vibe from the stage show that day...

The stock price is about the same as when it was last June, if not lower. Depends on what part of June you're looking at. A whole year later, and the shareholders have their $0.26/share dividend gains only.

In fact, the stock price is only up about $4/share since December 2023.

Still a $3 trillion company, so congrats to Tim I guess. Apple is definitely not a stock to buy at the moment. We'll wait for the usual crash in September and then it'll rise in December around the holiday before crashing again.

 

[wbeasley]

The stock price is about the same as when it was last June, if not lower. Depends on what part of June you're looking at. A whole year later, and the shareholders have their $0.26/share dividend gains only.

In fact, the stock price is only up about $4/share since December 2023.

Still a $3 trillion company, so congrats to Tim I guess. Apple is definitely not a stock to buy at the moment. We'll wait for the usual crash in September and then it'll rise in December around the holiday before crashing again.

stock market in general has been wildly fluctuating ... mostly due to tariff talk...

nothing at all to do with Apple.

market now seems to ignore White House statements as you cry wolf often enough.
some people seem to benefit hugely from knowing a fall coming and dump early... insider trading basically...

 

[wbeasley]

As a company, you don't preview something that'll never happen. Better yet, don't preview something that'll never happen and give it a release timeline.

While I can't comment on where Apple came up with the "spring 2025" target from, it indeed was missed in an embarasssing fashion. There was no reason, other than to give the latest Apple products some marketing "buzz," that Apple Intelligence should have been mentioned in ANY advertisement until the feature was fully functional. Apple's executive team is not filled with stupid people -- they knew the iPhone 16 and other devices wouldn't sell that well without including the Apple Intelligence slogan.

I don't work at Apple as an executive decision maker, but even I could tell Apple Intelligence was going to be a mess. Siri is just incapable of being intelligent. Why did Apple just integrate an LLM (ChatGPT) with Siri, rather than build a completely different platform from the ground up? Siri's reputation is shattered, and it isn't a good direction to go.

Apple mucked around with cars for a decade.
Apple talked up a wireless charger ... that never happened.

This isnt the first time something talked about hasnt turned out.

the AI stuff just didnt scale well. it worked as a concept they said. but why would you release something that suffered poor performance? it's not unheard of... and after CloudStrike, why would you not be testing better?

Siri has indeed lagged other assistants.
Now they have the chance to improve it and I guess they want to get it right this time...

 

[DC Wallaby]

Apple mucked around with cars for a decade.
Apple talked up a wireless charger ... that never happened.

This isnt the first time something talked about hasnt turned out.

the AI stuff just didnt scale well. it worked as a concept they said. but why would you release something that suffered poor performance? it's not unheard of... and after CloudStrike, why would you not be testing better?

Siri has indeed lagged other assistants.
Now they have the chance to improve it and I guess they want to get it right this time...

Aside from CarPlay Ultra taking forever to finally roll out, what did Apple actually announce about cars that never made it to market? They were incredibly tight-lipped about Project Titan, and it’s a good thing they were. That’s the model they should have followed with some of these Apple Intelligence features: don’t announce it until you’re reasonably ready to release it, and if it never reaches that point, keep quiet.

AirPower, of course, being the complete opposite of that.

 

[Dark_Omen]

stock market in general has been wildly fluctuating ... mostly due to tariff talk...

nothing at all to do with Apple.

market now seems to ignore White House statements as you cry wolf often enough.
some people seem to benefit hugely from knowing a fall coming and dump early... insider trading basically...

I disagree. There's nothing exciting in the pipeline to drive the stock price up.

Apple is about to lose its ecosystem monopoly on the App Store in at least a few different countries, which will have an effect on overall profits.

There's nothing that gives people butterflies in the next iPhone, Watch, iPad, Apple TV, or Mac.

The watch I can see becoming the most innovative device of the five -- simply for health benefits. Imagine the watch taking someone's temperature to determine illness level, blood sugar level (for those with diabetes), and whatever else imaginable to improve someone's health. Hopefully Apple is actually working on this and not just sitting on their hands.

Siri is physically incapable of handling any type of artificial intelligence at a high level, and has indeed, lost all credibility, and so have the developers that keep "working on it." Siri needs to be replaced with something else. We're talking about Apple here... Just name it "Intelligence," give it an app to ask it questions/talk to/upload pictures with, and build it into the system as an assistant that has cross app functionality.


Because of this... I see the share price staying flat or even decreasing due to the lack of anything exciting and futuristic. When there is significant evidence of Apple releasing something world changing again, then that will be the time to buy the stock. It seems like while other tech companies (Google, Samsung) are trying to push their tech to the cutting edge of what's out there -- Apple is just concerned with being a fashion design company. It's the wrong move.

 

[Dark_Omen]

Apple mucked around with cars for a decade.
Apple talked up a wireless charger ... that never happened.

This isnt the first time something talked about hasnt turned out.

the AI stuff just didnt scale well. it worked as a concept they said. but why would you release something that suffered poor performance? it's not unheard of... and after CloudStrike, why would you not be testing better?

Siri has indeed lagged other assistants.
Now they have the chance to improve it and I guess they want to get it right this time...

This I can agree with.

Here's the thing -- the CEO is the leader of the entire company. I'm asking anyone on this board.... What does Tim Cook bring to the table as a technology CEO? Look at Sundar Pichai's background as an innovator, and look at Yoonie Joung, who was an engineer. Cook reminds me of a less energetic Steve Ballmer... Got profits to rise, and then flatten over a 15-20 year period, with multiple failed projects in that period. What ultimately happened to Ballmer? He was pushed out.

I would like to see the board of directors start to tighten the screws on Tim Cook's decisions -- start asking more questions. Like why are there so many lawsuits, and why is there such a lack of innovation lately? What are you doing to improve the future of Apple? Are you firing or restructuring where the executives work? Those types of pressing questions. Would you consider stepping down if the market cap isn't $4 trillion or higher in five years time?

 

[wbeasley]

I disagree. There's nothing exciting in the pipeline to drive the stock price up.

Apple is about to lose its ecosystem monopoly on the App Store in at least a few different countries, which will have an effect on overall profits.

There's nothing that gives people butterflies in the next iPhone, Watch, iPad, Apple TV, or Mac.

The watch I can see becoming the most innovative device of the five -- simply for health benefits. Imagine the watch taking someone's temperature to determine illness level, blood sugar level (for those with diabetes), and whatever else imaginable to improve someone's health. Hopefully Apple is actually working on this and not just sitting on their hands.

Siri is physically incapable of handling any type of artificial intelligence at a high level, and has indeed, lost all credibility, and so have the developers that keep "working on it." Siri needs to be replaced with something else. We're talking about Apple here... Just name it "Intelligence," give it an app to ask it questions/talk to/upload pictures with, and build it into the system as an assistant that has cross app functionality.


Because of this... I see the share price staying flat or even decreasing due to the lack of anything exciting and futuristic. When there is significant evidence of Apple releasing something world changing again, then that will be the time to buy the stock. It seems like while other tech companies (Google, Samsung) are trying to push their tech to the cutting edge of what's out there -- Apple is just concerned with being a fashion design company. It's the wrong move.

sorry but i disagree...

Apple have successfully moved the chips to Apple chips. Huge effort. Huge risk. Paying off nicely.

Siri can't be "physically capable" given it's just software...

Apple dont need to be Google or Samsung. Oddly, Samsung still copy Apple...

You don't know what new products are coming. Tech is mostly mature these days after so many iterations. Do you get butterflies every CES when this years tvs are showcased? Or bluetooth speakers or soundbars? It's not an Apple issue, it's a tech in general issue.

And we dont need hype such as 3D TVs and Curved TVs. Or AI non-phones (Rabbit anyone?). Even folding phones have made little impact on the streets.

So if Apple isnt doing it for you, then spend your money elsewhere.
Dollars talk. And you can bet if enough dollars walk, Tim will listen...

 

[wbeasley]

This I can agree with.

Here's the thing -- the CEO is the leader of the entire company. I'm asking anyone on this board.... What does Tim Cook bring to the table as a technology CEO? Look at Sundar Pichai's background as an innovator, and look at Yoonie Joung, who was an engineer. Cook reminds me of a less energetic Steve Ballmer... Got profits to rise, and then flatten over a 15-20 year period, with multiple failed projects in that period. What ultimately happened to Ballmer? He was pushed out.

I would like to see the board of directors start to tighten the screws on Tim Cook's decisions -- start asking more questions. Like why are there so many lawsuits, and why is there such a lack of innovation lately? What are you doing to improve the future of Apple? Are you firing or restructuring where the executives work? Those types of pressing questions. Would you consider stepping down if the market cap isn't $4 trillion or higher in five years time?

Cook is not Balmer. Not by a long shot.

To be a CEO of a huge company requires a great many skills. Jack of all trades, master of none except maybe hiring the right people to do what you need.

I dont care if Cook can code. Or design icons. Or pick colour trends.

We had many years of no hardware upgrades under Jobs. devices that languished so long most people thought they would die. under Cook there's been a push for regular updates.

 

[Dark_Omen]

sorry but i disagree...

Apple have successfully moved the chips to Apple chips. Huge effort. Huge risk. Paying off nicely.

Siri can't be "physically capable" given it's just software...

Apple dont need to be Google or Samsung. Oddly, Samsung still copy Apple...

You don't know what new products are coming. Tech is mostly mature these days after so many iterations. Do you get butterflies every CES when this years tvs are showcased? Or bluetooth speakers or soundbars? It's not an Apple issue, it's a tech in general issue.

And we dont need hype such as 3D TVs and Curved TVs. Or AI non-phones (Rabbit anyone?). Even folding phones have made little impact on the streets.

So if Apple isnt doing it for you, then spend your money elsewhere.
Dollars talk. And you can bet if enough dollars walk, Tim will listen...

Stocks are based on future profits. The M series chips happened 5 years ago today.

Siri's legacy code makes it impossible to have it become a great language model/virtual assistant on its own.

I'm more excited to watch a Samsung Keynote than an Apple Keynote these days. Samsung has come out with items like the Samsung Ring, flip/foldable phones (Apple is the only major phone brand that hasn't come out with either), AI appliances, the GalaxyBook Ultra and its features, and other products.

 

[wbeasley]

Stocks are based on future profits. The M series chips happened 5 years ago today.

Siri's legacy code makes it impossible to have it become a great language model/virtual assistant on its own.

I'm more excited to watch a Samsung Keynote than an Apple Keynote these days. Samsung has come out with items like the Samsung Ring, flip/foldable phones (Apple is the only major phone brand that hasn't come out with either), AI appliances, the GalaxyBook Ultra and its features, and other products.

A ring that noone I know owns, a flip phone noone i know owns, AI appliances that ... you get the picture

I love our Samsung TVs. Have had some phones as media players and the first Note phone. It was a great idea poorly implemented as it was way underpowered and slow as. The Note 4 was better.

Stock are based on emotions mostly. And generally go up overall (hence the market over time goes up).

You've now answered the reason why Siri was late to happen: legacy code.
It obviously didnt scale well so they rewrote it. Now late. It happens. In lots of software.

Go enjoy your Samsung Keynotes which still copied the format from Apple, as they do with most things.
There's no home run from a new product from them.

 

[Dark_Omen]

A ring that noone I know owns, a flip phone noone i know owns, AI appliances that ... you get the picture

I love our Samsung TVs. Have had some phones as media players and the first Note phone. It was a great idea poorly implemented as it was way underpowered and slow as. The Note 4 was better.

Stock are based on emotions mostly. And generally go up overall (hence the market over time goes up).

You've now answered the reason why Siri was late to happen: legacy code.
It obviously didnt scale well so they rewrote it. Now late. It happens. In lots of software.

Go enjoy your Samsung Keynotes which still copied the format from Apple, as they do with most things.
There's no home run from a new product from them.

I'm willing to bet the legacy code still exists, otherwise, Siri wouldn't still be as stupid as it is.

The frequent,"here's what I found on the web," answer shows the legacy code still exists. Chat GPT integration shows that legacy code still exist because Apple took a way out that made it so they didn't have to overhaul the entire Siri code base.

I'm willing to bet if you were to research Nividia and Microsoft stock -- the stocks have increase since December of 2023 -- not fallen or stayed flat.

If people weren't creatures of habit - Apple would be in serious trouble. People stay with Apple because they're too lazy to learn Android and vice versa.

 

[wbeasley]

I'm willing to bet the legacy code still exists, otherwise, Siri wouldn't still be as stupid as it is.

The frequent,"here's what I found on the web," answer shows the legacy code still exists. Chat GPT integration shows that legacy code still exist because Apple took a way out that made it so they didn't have to overhaul the entire Siri code base.

I'm willing to bet if you were to research Nividia and Microsoft stock -- the stocks have increase since December of 2023 -- not fallen or stayed flat.

If people weren't creatures of habit - Apple would be in serious trouble. People stay with Apple because they're too lazy to learn Android and vice versa.

NVidia zoomed ahead because of AI hype... and then fell quickly when Chinese managed to announce they could achieve similar with way less processing.

Markets react to hype. Often.
It's gambling in some ways. Hence advisors tell you - long term...

CoPilot hasnt exactly set the world on fire. And it infuriated a lot of Office users who suddenly saw their sub price go up without being asked for a feature they didnt want

 

[mjs916]

Psychotic that these lawsuits over share prices can even be filed. The very nature of investments is you take risks. You might win and you might lose, that's the ****ing game. I didn't win the Lottery last week, so would it be right for me to sue for my imaginary winnings?! These shareholders are bloodsuckers.

Not to mention, you haven’t “lost” anything by investing in a company, until you sell those shares for less.

You still own your piece of the company. If it gains value in the future, what happens to their claim?

 

[mjs916]

“and slow as.

Sorry for being off-topic but are you in the UK? I’ve heard “simple as” with no comparison before which this reminded me of.

Americans tend to finish the phrase with “simple as [insert word of choice here].” or “slow as molasses” for example.

Back on topic, Samsung is great at putting out these new ideas and products but they seem to lead their product lineup through R&D whereas Apple seems to use R&D to find ways to extract the most return on investment on already existing products. If I’m a shareholder I’d prefer Apple’s more conservative approach.

 

[wbeasley]

Sorry for being off-topic but are you in the UK? I’ve heard “simple as” with no comparison before which this reminded me of.

Americans tend to finish the phrase with “simple as [insert word of choice here].” or “slow as molasses” for example.

Back on topic, Samsung is great at putting out these new ideas and products but they seem to lead their product lineup through R&D whereas Apple seems to use R&D to find ways to extract the most return on investment on already existing products. If I’m a shareholder I’d prefer Apple’s more conservative approach.

Australian

Different parts do different saying... Queenslanders tend to end sentences with "ay".
The more country areas have odd European hangovers (especially where farmers came from Germany).
"You going with?"

Samsung tend to throw things and see what sticks and certainly dont hide their "inspiration sources"...
Apple used to be (and still are to some degree) "not being the first, but being the best".
best being open to interpretation of course... and very subjective.