The trouble for tech giant Alphabet’s Google (NASDAQ:GOOG) (NASDAQ:GOOGL) seems to be piling up as Reuters reported on Tuesday that nine more U.S. states including Michigan and Nebraska have joined the U.S. Department of Justice (DoJ) lawsuit against the company. This lawsuit alleges that GOOGL has violated antitrust law when it comes to its digital advertising business.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
This lawsuit was filed by the DoJ earlier this year and is already backed by eight U.S. states and calls for the breaking up of Google’s ad tech business and accuses the company of violating the antitrust Sherman Act.
Back in March, Dan Taylor, Google’s VP of Global ads commented that the DOJ’s lawsuit “does not reflect the dynamic digital advertising industry and ignores key players we compete against every day.”
Analysts remain bullish about GOOGL stock with a Strong Buy consensus rating based on 29 unanimous Buys.
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue