Shareholders with $100,000 losses or more are encouraged to contact the firm.
LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming July 5, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Amazon.com, Inc. (“Amazon” or the “Company”) (NASDAQ: AMZN) stock between February 1, 2019 and April 28, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
In June 2019, the U.S. House Committee on the Judiciary initiated a bipartisan investigation into the state of competition online, which examined the business practices and market dominance of Amazon, Facebook, Google, and Apple.
On March 9, 2022, media outlets reported that the House Judiciary Committee had requested the U.S. Department of Justice (“DOJ”) to open a criminal investigation into Amazon and certain of its executives for allegedly lying to Congress during the course of its investigation.
On April 6, 2022, The Wall Street Journal reported that the U.S. Securities and Exchange Commission is investigating how Amazon handled disclosures on employees’ use of third party sellers’ data to boost its own private-label business.
On this news, the Company’s stock price fell $105.98, or 3.2%, to close at $3,175.12 per share on April 6, 2022, 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) Amazon engaged in anticompetitive conduct in its private-label business practices, including giving Amazon products preference over those of its competitors and using third-party sellers’ non-public data to compete with them; (2) the foregoing exposed Amazon to a heightened risk of regulatory scrutiny and/or enforcement actions; (3) Amazon’s revenues derived from its private-label business were in part the product of impermissible conduct and thus unsustainable; and (4) 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 Amazon stock during the Class Period, you may move the Court no later than July 5, 2022 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 protected], 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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