the staff of the Ridgewood blog
Ridgewood NJ, the US Justice Department is preparing to file a lawsuit against Apple, possibly as soon as Thursday, alleging that the tech giant has violated antitrust laws by restricting competitors’ access to hardware and software features of its iPhone. This legal action would escalate the Biden administration’s ongoing antitrust crackdown on major US technology firms. Currently, the Justice Department is already pursuing a lawsuit against Google for monopolistic practices, while the Federal Trade Commission is actively investigating antitrust allegations against Meta (formerly Facebook) and Amazon.
This upcoming case will mark the third time in the last 14 years that the Justice Department has taken legal action against Apple for antitrust violations, but it will be the first instance targeting the company for unlawfully maintaining its dominant market position. In response to the news, Apple’s shares experienced a decline of up to 1.4% to $176.10 in after-hours trading. The stock had previously seen a year-to-date decrease of 7.2% as of the close of trading on Wednesday.
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