Apple under investigations
Apple is under investigation in Russia following a complaint from cybersecurity company Kaspersky Lab and may be abusing its dominant position in smartphone apps.
Russian cybersecurity company claims Apple may be abusing its dominant position in smartphone apps
Stocks impacted: Apple (AAPL)
According to the FAS, it was investigating why a new version of Kaspersky Lab's Safe Kids application had not been updated on the Apple operating system, which resulted in a substantial loss in functionality for the app. The watchdog said Apple released Screen Time, an updated version of its own app, which had similar functions to the Kaspersky program. Meanwhile, Japan’s competition authority is investigating Apple for allegedly abusing its superior bargaining position by forcing local manufacturers to supply for free information and technology that is needed to produce parts used in Apple products. Also, federal court in Northern California accuses Apple of “unlawful and intentional recording of individuals’ confidential communications without their consent.” The lawsuit alleges that the company has violated California’s Invasion of Privacy Act, the Unfair Competition Law, the Consumers Legal Remedies Act, and the Declaratory Judgment Act. Apple shares closed 1% higher on Wednesday but may come under pressure today amid the incoming news.
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