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id: 623, Created by Stan Vick, Scout
Alphabet, Inc. (GOOGL) Misleading Case
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- DOJ & 8 states filed an antitrust lawsuit against, accusing Google of illegally abusing its dominance in digital advertising.
- $GOOGL price fell 2.09%, damaging Investors.
- Investors suspect Alphabet & its Leaders of misleading.
On January 24, 2023, the U.S. Department of Justice and 8 states filed an antitrust lawsuit against Alphabet’s Google subsidiary, accusing Google of illegally 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 a search for higher quality, or lower cost, matches.”
On this news, $GOOGL price fell 2.09%, damaging Investors.
- In recent years, Google’s dominance in this industry has drawn regulatory scrutiny. In July 2018, the European Commission fined Google €2.42 billion for promoting its own shopping comparison service at the top of its search results.
- Less than a year later, in March 2019, the EC fined Google €1.49 billion for preventing rivals from being able to “compete and innovate fairly” in the online advertising market. In June 2019, the U.S. Department of Justice (“DOJ”) reported that it would investigate Google for antitrust violations.
- In October 2020, the DOJ filed an antitrust lawsuit against Google, alleging that it had abused a monopoly position in the search and search advertising markets.
Taking all representations facts and lawsuits into account, Investors have reasons to suspect Alphabet & its Leaders of misleading that led to investment losses for shareholders.
Specifically, Investors may suspect that the Company and its Leaders 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;
- The foregoing conduct was anticompetitive in nature and likely to draw significant regulatory scrutiny;
- Alphabet’s revenues were unsustainable to the extent that they were the product of said anticompetitive conduct;
- Alphabet’s conduct, once revealed, would negatively impact the Company’s reputation and expose it to a heightened risk of litigation and regulatory enforcement action;
Failure to Disclose,
Shock Event Date
24 January 2023
16 March 2023
Lead Plaintiff Deadline
15 May 2023
Hon. Yvonne Gonzalez Rogers
13 June 2023
Pomerantz LLP was chosen as Lead Counsel in an investor lawsuit against Alphabet Inc. Allegations arise from the significant stock decline following the U.S. Department of Justice's antitrust lawsuit against Google's parent company.
18 September 2023
$GOOGL case-related News:
- A proposed class of smartphone users requested approval from a California federal judge for a $62 million settlement that resolves allegations of Google's illegal tracking and storage of users' private location information.
- This coincided with the $GOOGL agreement to a separate $93 million settlement with the state's attorney general.
20 September 2023
- On September 19, 2023, In the government's search monopolization case, a Google executive argued that the ads on search result pages contribute to an enhanced user experience.
- The executive also contended that $GOOGL has been facing increasing competition from advertising rivals over the past few years.
21 September 2023
$GOOGL case-related News:
- A former Google engineer spilled the beans to the judge handling the government's monopoly trial, revealing that $GOOGL actually uses user interaction data to tweak search result rankings, even though they claim otherwise.
- However, the engineer also mentioned that they have some systems in place that don't depend on user data.
25 September 2023
- Alphabet Inc., Google's parent company, called upon a federal court in California to dismiss a proposed securities class action.
- This lawsuit claims that $GOOGL concealed anti-competitive behavior, leading to regulatory investigations and a substantial decline in stock value.
- Alphabet argues that the investors have not demonstrated why specific statements were misleading.