INVESTOR ALERT: Edelson Lechtzin LLP Urges Alphabet, Inc. (NASDAQ: GOOGL, GOOG) Shareholders with Substantial Losses to Consider Seeking Leadership in the Securities Fraud Class Action
NEWTOWN, PA, March 23, 2023– The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of Alphabet, Inc. (“Alphabet” or the “Company”) (NASDAQ: GOOGL, GOOG) common stock between February 4, 2022, and January 23, 2023, both dates inclusive (the “Class Period”).
Investors who purchased Alphabet, Inc. common stock may move the U.S. District Court for the Northern District of California to appoint them as lead plaintiff, no later than May 15, 2023. Current holders of Alphabet stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Alphabet, Inc.
Headquartered in Mountain View, California, Alphabet is a multinational technology conglomerate holding company. In 2015, while Google Inc. was restructuring, Alphabet was created, becoming the parent company of Google and several former Google subsidiaries.
The Securities Fraud Claims
One of Alphabet’s main subsidiaries, Google, Inc., is a powerful player in the digital marketing field. So much so, that Google controls the digital tools that every major website publisher uses to sell advertising space on their websites.
Google’s dominance in the digital marketing industry has drawn scrutiny in the past few years. In June 2019, the U.S. Department of Justice announced that it would be investigating Google for antitrust violations. Then, in October 2020, the DOJ filed an antitrust lawsuit against Google, that alleged it had abused a monopoly position in the search and search advertising markets.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alphabet used its dominance in the field of digital advertising to disadvantage website publishers and advertisers who used competing advertising products; (ii) the foregoing conduct was anticompetitive in nature and likely to draw significant regular scrutiny; (iii) Alphabet’s revenues were unsustainable to the extent that they were the product of said anticompetitive conduct; and (iv) the Company’s conduct, once revealed, would negatively impact its reputation and expose it to a heightened risk of litigation and regulatory enforcement action
On January 24, 2023, the U.S. Department of Justice and eight states filed an antitrust lawsuit against Alphabet’s subsidiary, Google. The lawsuit alleges, “Google abuses its monopoly power to disadvantage website publishers and advertisers who dare to use competing ad tech products in a search for higher quality, or lower cost, matches.” On this news, Alphabet’s Class A shares fell $2.09 per share, or 2.09%, to close at $97.70 per share, while its Class C shares fell $2.00 per share, or 1.98%, to close at $99.21 per share, on January 24, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.