FILE - An Apple logo adorns the facade of the downtown Brooklyn Apple store in New York, Saturday, March 14, 2020. European Union regulators said they want to question Apple over accusations that it blocked video game company Epic Games from setting up its own app store, in a possible violation of digital rules that took effect in the 27-nation bloc Thursday, March 7, 2024.
The strategy has helped make Apple the world’s most prosperous company, with annual revenue of nearly $400 billion and, until recently, . But Apple’s shares have fallen by 7% this year even as most of the stock market has climbed to new highs, resulting in long-time rival Microsoft — a target of a major Justice Department antitrust case a quarter-century ago — to seize the mantle as the world’s most valuable company.
“Consumers should not have to pay higher prices because companies violate the antitrust laws,” Attorney General Merrick Garland said in a statement. “We allege that Apple has maintained monopoly power in the smartphone market, not simply by staying ahead of the competition on the merits, but by violating federal antitrust law. If left unchallenged, Apple will only continue to strengthen its smartphone monopoly.
Source: Law Daily Report (lawdailyreport.net)
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