The Class: Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Alphabet Inc. (NASDAQ: GOOG, GOOGL) securities between February 4, 2020 and January 23, 2022, for violations of the Securities Exchange Act of 1934. Alphabet Inc. is a multinational technology conglomerate holding company. It is the parent company of Google, which is a dominant player in the field of digital advertising.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Alphabet. Shareholders who want to act as lead plaintiff for the class must file their papers by May 15, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
What is this Case About: Alphabet Inc. (GOOG, GOOGL) Failed to Disclose the Impact of its Anticompetitive Conduct on its Business Prospects
According to the complaint, during the class period, defendants failed to disclose that: (i) 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 draw significant regulatory scrutiny; (iii) Alphabet’s revenues were unsustainable to the extent that they were the product of said anticompetitive conduct; and (iv) 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.
On January 24, 2023, the U.S. Department of Justice and eight 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, Alphabet’s Class A shares fell $2.09 per share, or 2.09%, to close at $97.70 per share, while its Class C shares fell $2.00 per share, or 1.98%, to close at $99.21 per share, on January 24, 2023.
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