James (Josh) Wilson, a partner in securities litigation, encourages Alphabet investors with losses exceeding $100,000 to contact him directly to discuss their legal options.
(Newsfile Corp. – April 25, 2023) – New York, New York Faruqi & Faruqi, LLP, a preeminent national securities firm, is investigating prospective claims against Alphabet Inc. (“Alphabet” or “Company”).
GOOGL -2.00% + Free Alerts
GOOG -2.03% + Free Alerts informs investors of the May 15, 2023 deadline for seeking lead plaintiff status in a federal securities class action filed against the company.
If you lost more than $100,000 investing in Alphabet stock or options between February 4, 2020 and January 23, 2023 (the “Class Period”) and would like to discuss your legal options, please contact Faruqi & Faruqi partner Josh Wilson at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also look here for further details:
You are under no obligation or cost.
Faruqi & Faruqi is the nation’s preeminent minority- and woman-owned securities law firm, with offices in New York, Pennsylvania, California, and Georgia.
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Alphabet is a holding corporation for a multinational technology conglomerate. In October 2015, a restructuring of Google Inc. resulted in the formation of Alphabet as the parent company of Google and several former Google subsidiaries. Alphabet’s headquarters are located in Mountain View, California, and the company is incorporated in Delaware. Class A and Class C shares of the company trade on the NASDAQ under the symbols “GOOGL” and “GOOG,” respectively.
In recent years, Google’s industry dominance has attracted regulatory scrutiny. Google was fined €2.42 billion by the European Commission (“EC”) in July 2018 for promoting its own purchasing comparison service at the top of its search results. In March 2019, less than a year later, the European Commission fined Google €1.49 billion for preventing competitors from being able to “compete and innovate fairly” in the online advertising market.
The U.S. Department of Justice (“DOJ”) announced in June 2019 that it would investigate Google for antitrust violations. The DOJ then filed an antitrust lawsuit against Google in October of 2020, alleging that the company had abused its monopoly position in the search and search advertising markets.
Google controls the digital tools that all major website publishers use to sell advertising space.
Throughout the Class Period, the defendants allegedly made materially false and misleading statements about the Company’s business, operations, and compliance policies, according to the complaint. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that.
Alphabet used its dominance in the field of digital advertising to disadvantage website publishers and advertisers who used competing advertising products; (ii) the foregoing conduct was anticompetitive in nature and likely to attract significant regulatory scrutiny; and (iii) Alphabet’s revenues were unsustainable insofar as they were the result of said anticompetitive conduct.
The U.S. Department of Justice and eight states filed an antitrust lawsuit against the Google subsidiary of Alphabet on January 24, 2023, accusing Google of unlawfully abusing its dominance in digital advertising and violating the Sherman Antitrust Act.
The lawsuit alleges, among other things, that “Google abuses its monopoly power to disadvantage website publishers and advertisers who dare to use competing ad tech products in search of higher quality or cheaper matches.”
Class A shares of Alphabet fell $2.09 per share, or 2.09%, to close at $97.70 per share on January 24, 2023, while Class C shares fell $2.00 per share, or 1.98%, to close at $99.21 per share.
Network Hype Team