Amazon Filed for Anti-competitive Practices!

  Amazon Filed for Anti-competitive Practices! Washington D.C.'s attorney general, Karl Racine, sued Amazon for alleged Anti-competitive behavior. This situation brought with it comments that “the retail giant was hit for the first time in an antitrust case in the USA”. Investors, on the other hand, do not seem to have paid much attention to the news in question. Amazon and other tech giants have recently come under increased scrutiny by legislators, with many antitrust lawsuits filed against them. According to the claim of the Attorney General; Amazon AMZN (NasdaqGS) $3,259.05 +14.06(+0.43%) does not allow third-party sellers to offer lower prices on other sites. This causes prices to artificially rise and the large retailer monopolize power in the market. "Amazon is increasing its dominance in the market and illegally decreasing the ability of other platforms to compete for market share," Racine told Bloomberg.

Washington D.C.'s attorney general, Karl Racine, sued Amazon for alleged Anti-competitive behavior.

An Amazon spokesperson made the following statement: “What the Attorney General is saying is absolutely the opposite of our policies. Sellers set their own prices for the products they offer in our store. As with any store, we reserve the right not to show offers for customers who do not have competitive prices. ” Racine said, he did not know whether the other attorneys would be involved in the case. This is seen as a common practice in litigation against high profile companies. He also stated that his case was not coordinated with the Federal Trade Commission, the federal agency tasked with enforcing antitrust law. Investors, on the other hand, were not affected by the lawsuit and increased Amazon's shares by 0,4% on Tuesday. In the S&P 500, it was observed that it fell 0,2 %. Washington D.C.'s attorney general, Karl Racine, sued Amazon for alleged Anti-competitive behavior.  

Source: The Motley Fool

 

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