40+ States Plan to Sue Facebook For Antitrust Violations Next Week

Wikimedia

More than 40 US States led by New York  are investigating Facebook for antitrust violations. On Wednesday four sources said that a lawsuit will be filed against Zuckerberg’s company next week.

Although the exact charges are unknown, the states will most likely accuse the social media company of buying out its competitors to create an exclusive social media giant with little or no competition. Facebook has strategically bought out potential rivals including Instagram in 2012 and WhatsApp in 2014.

The lawsuit will allege that consumers have limited social media choices other than Facebook because Facebook owned all the relevant social media available to them.

One particular extremely important aspect the lawsuit will look into if consumers have less privacy protection as a result of Facebook’s acquisition of WhatsApp and Instagram. It will also see  if  these services and protections would have been better for consumers had WhatsApp and Instagram remained independent.

New York State Attorney General Letitia James who is heading the investigation said, “We don’t comment on the details of an ongoing investigation, but as we have said before we will continue to use every investigative tool at our disposal to determine whether Facebook’s actions stifled competition, reduced choices, or put user date at risk.”

Earlier Facebook and Zuckerberg have denied any wrongdoing on their part. However, recently when asked about this 40+ state pending lawsuit, they declined to comment.

Source Mail Online, Reuters


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.