2024-04-05 12:20:20
Shares of technology company Apple fell 4.1% by the close of trading on Thursday on the NASDAQ exchange after the US Department of Justice filed a lawsuit alleging that the corporation violated antitrust laws. This is evidenced by trading statistics, Day.Az reports with reference to TASS.
During the trading session on Thursday, the stock price of the American IT giant fell from $178.67 to $171.37 per share. According to Bloomberg, this is equivalent to a decrease in the corporation’s capitalization amounting to about $113 billion. Its analysts note that investors were alarmed by news that the US Department of Justice filed a lawsuit against the company on March 21 in connection with allegations of violating antitrust laws by blocking access to competitors to iPhone hardware and software features.
The department explained that Apple maintains a monopoly position in the smartphone market not only by outperforming competitors, but also by violating federal antitrust laws. Apple’s actions “harm consumers” through higher prices and “stifle innovation” as well as hamper developers who are forced to compete on an uneven playing field.
This is the third time in the last 14 years that the US Department of Justice has sued Apple for violating antitrust laws. In 2010, the corporation reached an agreement with the authorities, who accused it of poaching employees from Google and Adobe Inc. and Walt Disney Co.’s Pixar. Two years later, the Justice Department sued Apple and book publishers for illegally setting prices for e-books sold on iPads. After the Justice Department won the case, the company was forced to take measures to comply with antitrust laws.
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