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AMZN.US
id: 879
Amazon (AMZN) Unfair Practices Case
W.D. Washington
Court2:22-cv-00617
Case number02/01/2019
Class period Start04/28/2022
Class period End07/22/2022
Lead Plaintiff motion deadline- 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.
Case Status
Dismissed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04/29/2022
Filing date
05/06/2022
Lead Plaintiff Deadline
07/22/2022
Judge
John H. Chun