While Apple (NASDAQ:AAPL) has been under DoJ investigation, no concrete action has been taken so far. This might change soon, according to some sources.
A report published on Friday, Aug. 26, stated that the Department of Justice is in the process of building an antitrust case against Apple. The greatest focus looks to be the very lucrative AppStore, which the tech giant might use to exercise too much influence over the market.
Apple Investigation Explained
While Apple has been under increasing DoJ scrutiny since 2019, no legal action has been taken against the tech giant. A recent example came in late 2021 when a filing against the iPhone-makers appeared imminent.
The investigation focuses on Apple’s ability and alleged willingness to use its immense influence to stifle competition. This mostly comes from its ability to curate and adjust its AppStore, allegedly used to keep promising tech startups and to compete with app developers.
While no action has been taken so far, investors appear to have noticed. Apple’s stocks fell to $163.62 at the market’s closing on Friday from the previous closing value of $170.03. They declined after hours and were down to $162.59 by 6 PM.
Will Apple Get Sued?
Even though Saudi Aramco overtook Apple (TADAWUL:2222) earlier this year as the most valuable company in the world, it still has vast resources to use in its defense. A lawsuit against it by the Department of Justice would mark a major milestone in the ongoing battle to regulate tech giants.
Friday’s report states that the case is still an early draft, but a source revealed that there are hopes a suit will be filed by the end of the year. This time, the DoJ might choose to take action.
Apple has been working to expand its business by entering into fintech earlier this summer. Furthermore, the department has already proven it is willing to enter into a fight against major tech companies. In 2020, they filed an antitrust lawsuit against the “monopolist Google (NASDAQ:GOOGL).”