Have you lost money on your investments on Amazon.com? If so, please visit Amazon.com, Inc. Shareholder Class Action or contact Pierre Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Amazon.com, Inc. (“Amazon or the “Company”) (NASDAQ: AMZN) between February 1, 2019 and April 5, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Western District of Washington and alleges violations of the Securities Exchange Act of 1934.
Amazon is a multinational technology company that primarily deals in e-commerce, cloud computing, digital streaming, and artificial intelligence businesses. On the Company’s Amazon.com e-commerce platform, Amazon sells both third-party merchandise and Amazon’s private label products. As the owner and operator of the Amazon.com e-commerce platform, Amazon has access to certain non-public data of third-party sellers who use the Amazon.com platform.
Plaintiff alleges that throughout the Class Period, Defendants made misleading statements about Amazon’s business because: (i) Amazon engaged in anti-competitive behavior in its private label business practices, including giving preference to Amazon’s products over those of its competitors and using third-party sellers non-public data to compete with them; (ii) the foregoing has exposed Amazon to increased risk of regulatory oversight and/or enforcement action; and (iii) Amazon’s revenue from its private label business was partly the product of impermissible behavior and therefore unsustainable.
On or about June 3, 2019, the US House Committee on the Judiciary (the “House Judiciary Committee”) launched a bipartisan investigation into the state of online competition. The investigation, conducted by the Antitrust, Commercial and Administrative Law Subcommittee (the “Subcommittee”), examined the business practices and market dominance of Facebook, Google, Apple and, particularly relevant , Amazon (the “Investigative Sub-Committee”).
During the subcommittee’s investigation, the subcommittee held several oversight hearings at which various executives of the aforementioned companies, including their respective CEOs, testified on topics such as the effect of market power on the press, innovation, privacy, and market dominance of the companies under investigation. After each of the hearings, the members of the subcommittee put questions to the witnesses for the record.
On March 9, 2022, media reported that the House Judiciary Committee had asked the US Department of Justice to open a criminal investigation into Amazon and some of its executives for allegedly lying to Congress about its business practices during the subcommittee’s investigation.
On April 6, 2022, The Wall Street Journal published an article titled “SEC Investigating How Amazon Disclosed Business Practices.” The article reported, among others, that the SEC’s investigation has been ongoing 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. On this news, Amazon’s stock price fell 3.2% to close at $3,175.12 per share on April 6, 2022.
If you wish to act as the main plaintiff, you must apply to the court no later than July 5, 2022. A lead plaintiff is a representative party acting on behalf of the other class members to direct the litigation. Your ability to participate in any recovery does not require you to serve as the primary plaintiff. If you choose to do nothing, you can remain an absent member of the group.
If you purchased shares of AMZN common stock and/or wish to discuss your legal rights and options please visit Amazon.com, Inc. Shareholder Class Action or contact Pierre Allocco at (212) 951-2030 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and bring lawsuits on their behalf. Following its success in hundreds of lawsuits and class actions, the firm has been named to the National Law Journal’s “plaintiffs list” thirteen times and listed in The Legal 500 for ten consecutive years.
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