- The Justice Department is reportedly set to file a lawsuit against Apple (AAPL) on Thursday, alleging violations of antitrust laws concerning the iPhone. Following this news, Apple's stock experienced a slight decline overnight. According to reports from Bloomberg News on Wednesday night, the lawsuit will claim that Apple has impeded competitors' access to iPhone hardware and software features.
- In early trading on Thursday, Apple's stock dipped by 0.9%. This move by the DOJ adds to its ongoing legal actions, including the lawsuit against Google parent Alphabet (GOOGL) for purportedly abusing its dominance in online advertising. Additionally, the Federal Trade Commission is pursuing antitrust cases against Meta Platforms (META), the parent company of Facebook, and Amazon.com (AMZN).
Why it matters
The Justice Department's decision to sue Apple over alleged antitrust violations underscores growing concerns about the dominance of major tech companies and their practices regarding competition.
