INVESTOR ALERT: Amazon.com, In – GuruFocus.com
SAN DIEGO , May 9, 2022 /PRNewswire/ — Robbins Geller Rudmann & Dowd LLP announces that buyers of Amazon.com, Inc. (NASDAQ: AMZN) stock are entering February 1, 2019 and April 5, 2022inclusively (the “Class Period”) have until July 5, 2022 to seek appointment as lead applicant in Joyce v Amazon.com, Inc., no. 22-cv-00617 (WD Wash.). Started on May 6, 2022the Amazon A class action lawsuit accuses Amazon and some of its top executives of violating the Securities Exchange Act of 1934.
If you have suffered significant losses and wish to act as the lead plaintiff of the Amazon class action, please provide your information by clicking here. You can also contact attorney JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected]. Principal Applicant’s Requests for Amazon class action must be filed with the court no later than July 5, 2022.
CASE ALLEGATIONS: Amazon is a multinational technology company that mainly deals in e-commerce, cloud computing, digital streaming and artificial intelligence businesses. On or around June 3, 2019, the United States House Committee on the Judiciary (the “House Judiciary Committee”) has launched a bipartisan investigation into the state of online competition. The investigation, led by the Antitrust, Commercial and Administrative Law Subcommittee, examined the business practices and market dominance of Facebook, Google, Apple and, more specifically, Amazon (the “Inquiry Subcommittee “).
The Amazon The class action alleges that, throughout the Class Period, the defendants made false and misleading statements and failed to disclose that: (i) Amazon engaged in anti-competitive behavior in its branded business practices distributorship, including giving preference to Amazon’s products over those of its competitors and using non-public data from third-party sellers to compete with them; (ii) it exposed Amazon to increased risk of regulatory oversight and/or enforcement action; (iii) Amazon’s revenues from its private label business were, in part, the product of impermissible and therefore unsustainable conduct; and (iv) as a result, the defendants’ public statements throughout the Class Period were materially false and/or misleading.
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 investigation of the subcommittee. In response, Amazon claimed there was “no factual basis” for the House Judiciary Committee’s allegations.
Then, on April 6, 2022, The Wall Street Journal published an article titled “SEC Investigating How Amazon Disclosed Business Practices.” The article reports, among other things, that the United States Securities and Exchange Commission’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. At this news, Amazon’s stock price fell about 3.2%, hurting investors.
THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Amazon stock during the class action period to seek appointment as a lead plaintiff in the Amazon class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the Amazon class action. The main plaintiff can select a law firm of his choice to plead Amazon class action. An investor’s ability to participate in any potential future upturn in the Amazon the class action does not depend on the status of principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked #1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other company from the plaintiffs. With 200 attorneys in 9 offices, Robbins Geller attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recoveries ever – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
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JC Sanchez, 800-449-4900
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SOURCE Robbins Geller Rudman & Dowd LLP