Securities
AI Washing / Securities Fraud
Materially misrepresenting a company's artificial intelligence capabilities, products or revenue to investors.
Pleaded in 7 of the 98 matters on this docket
Governing law
Securities Exchange Act 10(b), 15 U.S.C. 78j(b), and Rule 10b-5; control-person liability under 20(a); pleading governed by the PSLRA, 15 U.S.C. 78u-4
Damages
Out-of-pocket losses measured by the difference between the price paid and the value absent the misstatement, limited by the PSLRA's 90-day bounce-back provision.
Limitations period
The earlier of two years after discovery or five years after the violation, 28 U.S.C. 1658(b).
Reference material about publicly available law, current as of the date this file was compiled. It is not legal advice and it does not describe anyone’s particular situation. Statutes and limitations periods vary by jurisdiction and change.
Matters pleading this claim
AppLovin AXON AI Securities Litigation
U.S. District Court for the Northern District of California · 4:25-cv-02772-HSG
AppLovin AXON 2.0 AI-powered advertising engine
Filed 2025-03-05 · Class Action
ActiveUnconfirmedSkyworks AI Supercycle Securities Litigation
U.S. District Court for the Central District of California · 8:25-cv-00411-DOC-JDE
Skyworks RF front-end semiconductors marketed as positioned for the AI-driven smartphone upgrade cycle (Apple iPhone 16/17)
Filed 2025-03-04 · Class Action
DiscoveryTELUS International AI Disclosure Securities Litigation
U.S. District Court for the Southern District of New York · 1:25-cv-00889
TELUS International (now TELUS Digital) AI data-annotation and 'Fuel iX' AI services
Filed 2025-01-30 · Class Action
DismissedEvolv AI Weapons-Detection Securities Litigation
U.S. District Court for the District of Massachusetts · 1:24-cv-10761-ADB
Evolv Express AI-powered weapons-detection screening systems
Filed 2024-03-25 · Class Action
SettledSEC v. Delphia (AI-Washing)
U.S. Securities and Exchange Commission (administrative proceeding) · Admin. Proc. File No. 3-21894 (Advisers Act Release No. 6573)
Delphia robo-advisory service marketed as using client data to 'make our artificial intelligence smarter'
Filed 2024-03-18 · Individual Action
Judgment EnteredSEC v. Global Predictions (AI-Washing)
U.S. Securities and Exchange Commission (administrative proceeding) · Admin. Proc. File No. 3-21895 (Advisers Act Release No. 6574)
Global Predictions PortfolioPilot AI-driven investment forecasting platform
Filed 2024-03-18 · Individual Action
Judgment EnteredInnodata AI-Washing Securities Litigation
U.S. District Court for the District of New Jersey · 2:24-cv-00971
Innodata AI/LLM data-engineering and data-annotation services
Filed 2024-02-21 · Class Action
Dismissed