Alphabet: lawsuits weigh on stock

(CercleFinance.com) - The United States announced on Tuesday night that it would sue Alphabet, Google's parent company, for its monopoly position in the online advertising market, an announcement that caused the stock to stumble by more than 3% on the New York Stock Exchange.


The Department of Justice accuses the tech group of having conducted, over the past 15 years, an anti-competitive policy aimed at ousting its rivals in advertising technology, including through acquisitions.

The DoJ also accuses Google of having abused its dominant position to force publishers and advertisers to use its products, in addition to impeding the use of competing products.

Google now controls the digital tool that equips virtually all website publishers seeking to sell advertising on their site, the US administration said.

In its statement, the Justice Department says these lawsuits differ from the civil complaint filed in 2020 for monopolistic position in Internet search, a case that is expected to go to court in September 2023.

Following this announcement, Alphabet "A" shares closed down 2.5% on Wednesday.


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