LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Amazon.com, Inc. (“Amazon” or the “Company”) (NASDAQ: AMZN) stock between February 1, 2019 and April 5, 2022, inclusive (the “Class Period”). Amazon investors have until July 5, 2022 to file a lead plaintiff motion.
If you suffered a loss on your Amazon investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/amazoncom-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
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 ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com
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