Apple is facing a proposed class-action lawsuit from shareholders who allege the company misled investors about its progress in integrating advanced artificial intelligence into Siri, resulting in significant financial losses.

Filed Friday in federal court in San Francisco, the lawsuit accuses Apple and top executives — including CEO Tim Cook and CFO Kevan Parekh — of downplaying delays in AI development, particularly features meant to power the upcoming iPhone 16.

Lead plaintiff Eric Tucker claims Apple’s messaging at its June 2024 Worldwide Developers Conference gave the impression that AI, via the new “Apple Intelligence” platform, would be a major selling point for the iPhone 16.

However, the suit alleges Apple lacked a working prototype and knew key Siri upgrades would not be ready in time.

According to the complaint, the company’s AI limitations began surfacing in March when it postponed some Siri features to 2026. The disappointment deepened following Apple’s June 9 event, where analysts were reportedly underwhelmed by the company’s AI progress.

The lawsuit, Tucker v. Apple Inc et al, seeks to represent investors who incurred losses over the past year and claims damages in the range of potentially hundreds of billions of dollars. Apple has not yet commented on the case.