Facebook faces another lawsuit
The lawsuit is based on documents that NBC News obtained in 2019
Stocks impacted: Facebook Inc (FB)
A group of companies sued the social media giant in U.S. federal court, claiming illegal monopolistic behavior. The four companies claim that Facebook inappropriately revoked developer access to its platform in order to harm prospective competitors. The proposed lawsuit is based on previously secret documents that NBC News obtained in 2019. The papers showed CEO Mark Zuckerberg and other top officials used their market position to squeeze potential rivals and competitors during the period from 2011 to 2015. As a reminder, Facebook faces multiple investigations into possible antitrust violations by regulators around the world. The company’s shares closed 0.28% higher on Thursday and could suffer losses on the news about another lawsuit.
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