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Apple Inc. is entangled in a class action lawsuit initiated by shareholders, who accuse the company of securities fraud related to its overestimation of AI integration timelines for Siri. The complaint alleges that Apple misrepresented its progress in artificial intelligence and did not possess a functional AI-enhanced Siri prototype, resulting in substantial losses for investors. Consequently, the stock price has plummeted by nearly a quarter from its peak, erasing approximately $900 billion in market value. Named defendants include CEO Tim Cook and other top executives, and the case has been lodged with the U.S. District Court for the Northern District of California. Shareholders are seeking compensation for the financial damages they have incurred.
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