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AMZN.US

Amazon (AMZN) Unfair Practices Case

E.D. Washington
Court
2:22-cv-00617
Case number
01 Feb 2019
Class period Start
28 Apr 2022
Class period End
  • Since 2019, Amazon faced multiple investigations over anticompetitive practices.
  • Each such news led to a $AMZN drop, affecting shareholder value.
  • Investors suspect Amazon of hiding unfair business practices - several claims were filed in Washington by affected stockholders.
Starting from June 3, 2019, the US government strengthened control over online platforms, then the U.S. House Committee on the Judiciary initiated a bipartisan investigation into the state of competition online. The investigation examined the business practices and market dominance of Amazon, Facebook, Google and Apple.

$AMZN reacted negatively to each new investigation into the Company's unfair practices:
  • On April 28, 2020, after CNBC article about Senator Josh Hawley request to the U.S. Department of Justice , $AMZN fell by 2.61%.
  • On May 1, 2020, after Bloomberg article titled “Amazon’s Bezos Faces Call to Testify Before House Panel,” $AMZN fell by 1.59%.
  • On July 23, 2020, after The Wall Street Journal published an article titled “Amazon Met With Startups About Investing, Then Launched Competing Products,” $AMZN fell by 3.66%
  • On August 3, 2020, after Bloomberg published an article titled “Amazon’s Market Power to Be Investigated by New York AG.”, $AMZN fell by 1.67%.
  • On October 6, 2020, following the publication of news reports discussing the Federal Trade Commission Subcommittee report, $AMZN fell by 3.1%
  • On April 6, 2022, after Wall Street Journal published an article entitled “SEC Is Investigating How Amazon Disclosed Business Practices.”, $AMZN fell by 3.2%.
Meanwhile, for many years Amazon and its executives were not informing shareholders about the risks associated with the Company's anticompetitive methods on the market.

Now, investors have reasons to suspect Amazon and it's management of failing to disclose that it was engaged in anticompetitive conduct in its private-label business practices. Several claims were filed in Washington by affected stockholders.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 April 2022
Filing date
06 May 2022
Lead Plaintiff Deadline
22 July 2022
Judge
John H. Chun
Collecting participants…
Created by Andrew Earley, Scout

Amazon.com Inc

Amazon.com, Inc. engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operate...

    Ticker
    AMZN.US
    ISIN
    US0231351067
    CIK
    1018724
    Sector
    Consumer Cyclical
    Industry
    Internet Retail
    Country
    USA
    Address
    410 Terry Avenue North, Seattle, WA, United States, 98109-5210