Apple Accused Of Illegally Maintaining iPhone Dominance In Upcoming DOJ Lawsuit: Report
Portfolio Pulse from Ananya Gairola
The U.S. Department of Justice (DOJ) is reportedly set to file an antitrust lawsuit against Apple Inc. (AAPL) for allegedly restricting competitors' access to iPhone hardware and software, marking the third antitrust case against the company in 14 years. This lawsuit is part of a broader effort by the Joe Biden administration to address antitrust concerns with major U.S. tech companies. Apple faces global legal challenges, including a recent €1.8 billion fine in the EU for preventing music streaming rivals from offering cheaper deals, and a $13.7 million fine in Russia for abuse of market dominance.
March 21, 2024 | 2:23 am
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Apple Inc. faces a new antitrust lawsuit from the DOJ for allegedly restricting competitors' access to iPhone features, adding to its global legal challenges.
The announcement of a new antitrust lawsuit by the DOJ against Apple for allegedly restricting competitors' access to iPhone features is likely to have a negative impact on Apple's stock price in the short term. Legal challenges, especially those related to antitrust issues, can lead to uncertainty among investors, potentially affecting the company's market valuation. Additionally, the lawsuit is part of a broader crackdown on tech giants by the U.S. government, indicating a potentially challenging regulatory environment for Apple moving forward. The recent fines in the EU and Russia for similar issues underscore the global scale of legal challenges Apple faces, which could further concern investors.
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