SAN DIEGO–(BUSINESS WIRE)–The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of Amazon.com, Inc. (NASDAQ: AMZN) stock between February 1, 2019 and April 5, 2022, inclusive (the “Class Period”) have until July 5, 2022 to seek appointment as lead plaintiff in Joyce v. Amazon.com, Inc., No. 22-cv-00617 (W.D. Wash.). Commenced on May 6, 2022, the Amazon class action lawsuit – captioned Joyce v. Amazon.com, Inc., No. 22-cv-00617 (W.D. Wash.) – charges Amazon and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered significant losses and wish to serve as lead plaintiff of the Amazon class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Amazon class action lawsuit must be filed with the court no later than July 5, 2022.
CASE ALLEGATIONS: Amazon is a multinational technology company that engages primarily in the businesses of e-commerce, cloud computing, digital streaming, and artificial intelligence. On or around June 3, 2019, the U.S. House Committee on the Judiciary (the “House Judiciary Committee”) initiated a bipartisan investigation into the state of competition online. The investigation, led by the Subcommittee on Antitrust, Commercial and Administrative Law, examined the business practices and market dominance of Facebook, Google, Apple, and, of particular relevance, Amazon (the “Subcommittee Investigation”).
The Amazon class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) 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; (ii) this exposed Amazon to a heightened risk of regulatory scrutiny and/or enforcement actions; (iii) Amazon’s revenues derived from its private-label business were, in part, the product of impermissible conduct and thus unsustainable; and (iv) as a result, defendants’ public statements throughout the Class Period were materially false and/or misleading.
On March 9, 2022, media outlets reported that the House Judiciary Committee had requested that the U.S. Department of Justice open a criminal investigation into Amazon and certain of its executives for allegedly lying to Congress about its business practices during the course of the Subcommittee Investigation. In response, Amazon asserted that there was “no factual basis” for the House Judiciary Committee’s allegations.
Then, on April 6, 2022, The Wall Street Journal published an article entitled “SEC Is Investigating How Amazon Disclosed Business Practices.” The article reported, among other things, that the U.S. Securities and Exchange Commission’s probe has been underway for more than a year and focuses on Amazon’s disclosures regarding its use of third-party seller data for its own private-label business. On this news, Amazon’s stock price fell approximately 3.2%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Amazon stock during the Class Period to seek appointment as lead plaintiff in the Amazon class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Amazon class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Amazon class action lawsuit. An investor’s ability to share in any potential future recovery of the Amazon class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit http://www.rgrdlaw.com for more information.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900