A lawsuit was filed on behalf of investors in Amazon.com, Inc. (NASDAQ:AMZN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/25/2022 -- An investor, who purchased shares of Amazon.com, Inc. (NASDAQ: AMZN), filed a lawsuit against Amazon.com, Inc. over alleged Securities Laws violations.
Investors who purchased shares of Amazon.com, Inc. (NASDAQ: AMZN) have certain options and for certain investors are short and strict deadlines running. Deadline: July 5, 2022. NASDAQ: AMZN investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On or around June 3, 2019, the U.S. House Committee on the Judiciary initiated a bipartisan investigation into the state of competition online. The investigation, led by the Subcommittee on Antitrust, Commercial and Administrative Law (the "Subcommittee"), examined the business practices and market dominance of Facebook, Google, Apple, and, of particular relevance, Amazon.com, Inc. (the "Subcommittee Investigation").
In the course of the Subcommittee Investigation, the Subcommittee held several oversight hearings in which various officers of the above referenced companies, including their respective Chief Executive Officers, offered witness testimony on topics such as the effect of market power on the press, innovation, and privacy, and the market dominance of the firms under investigation. After each of the hearings, members of the Subcommittee submitted questions for the record to the witnesses.
On March 9, 2022, media outlets reported that the House Judiciary Committee had requested that the U.S. Department of Justice open a criminal investigation into Amazon.com, Inc. and certain of its executives for allegedly lying to Congress about its business practices during the course of the Subcommittee Investigation.
Then, on April 6, 2022, The Wall Street Journal published an article entitled "SEC Is Investigating How Amazon Disclosed Business Practices." The article reported, inter alia, that the SEC's probe has been underway for more than a year and focuses on Amazon's disclosures regarding its use of third-party seller data for its own private-label business.
Shares of Amazon.com, Inc. (NASDAQ: AMZN) declined from $3,416.63 per share on March 29, 2022, to $2,992.00 per share on April 13, 2022.
The plaintiff claims that between February 1, 2019, and April 5, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that Amazon.com, Inc. engaged in anticompetitive conduct in its private-label business practices, including giving Amazon.com, Inc. products preference over those of its competitors and using third-party sellers' non-public data to compete with them, that the foregoing exposed Amazon.com, Inc. to a heightened risk of regulatory scrutiny and/or enforcement actions, that Amazon's revenues derived from its private-label business were in part the product of impermissible conduct and thus unsustainable, and that as a result, the Defendants' public statements between February 1, 2019, and April 5, 2022were materially false and/or misleading.
Those who purchased shares of Amazon.com, Inc. (NASDAQ: AMZN) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.