Shareholders with losses exceeding $100,000 are encouraged to contact the firm.
The Law Offices of Frank R. Cruz reminds investors of the upcoming May 15, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Alphabet Inc. (“Alphabet” or the “Company”) (NASDAQ: GOOG, GOOGL) securities between February 4, 2020 and January 23, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On January 24, 2023, the U.S. Department of Justice and eight states filed an antitrust lawsuit against Alphabet’s subsidiary, Google, accusing it of unlawfully abusing its dominance in digital advertising and violating the Sherman Antitrust Act, claiming that “Google abuses its monopoly power to disadvantage website publishers and advertisers who dare to use competing ad tech products in a search for higher quality, or lower cost, matches.”
On this news, Alphabet’s Class A shares fell $2.09, or 2%, to close at $97.70 per share, while its Class C shares fell $2.00, or 2%, to close at $99.21 per share on January 24, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Alphabet used its dominance in the field of digital advertising to disadvantage website publishers and advertisers who used competing advertising products; (2) the foregoing conduct was anticompetitive in nature and likely to draw significant regulatory scrutiny; (3) Alphabet's revenues were unsustainable to the extent that they were the product of said anticompetitive conduct; (4) Alphabet's conduct, once revealed, would negatively impact the Company's reputation and expose it to a heightened risk of litigation and regulatory enforcement action; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Alphabet securities during the Class Period, you may move the Court no later than May 15, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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