It caused Apple to lose value… ‘Antitrust’ lawsuit from the USA!
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The US Department of Justice and the attorneys general of 16 states said Appleanti-competitive practices” he appealed to the New Jersey District Court.
The department alleged that Apple used its market power to make more money from consumers, developers, content creators, artists, publishers, small businesses and merchants.
The lawsuit accuses Apple of establishing an illegal monopoly on smartphones by imposing contractual restrictions on developers and denying them critical access, while each step in Apple’s conduct strengthens the moat around its smartphone monopoly.
US Attorney General Merrick Garland said at a press conference, “Apple has maintained its monopoly power in the smartphone market not only by staying ahead of the competition but also by violating federal antitrust law. Consumers shouldn’t have to pay higher prices because companies break the law” he said.
SHARES LOST VALUE
Claiming that Apple uses a strategy based on exclusionary, anti-competitive behavior that harms both consumers and developers, Garland emphasized that the obstacles created by Apple make it extremely difficult and expensive for both users and developers to leave the Apple ecosystem.
Following the news of the lawsuit, Apple shares lost more than 3 percent in value.
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