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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook    FB

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Facebook : sued in U.S. federal court for alleged anticompetitive conduct

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01/17/2020 | 10:54am EST
FILE PHOTO: Facebook logos

Four companies sued Facebook Inc in U.S. federal court on Thursday for alleged anticompetitive conduct, saying the social network inappropriately revoked developer access to its platform in order to harm prospective competitors.

The plaintiffs sought class-action status and unspecified damages, according to a filing at the U.S. District Court for the Northern District of California.

"Facebook faced an existential threat from mobile apps, and while it could have responded by competing on the merits, it instead chose to use its might to intentionally eliminate its competition," said Yavar Bathaee, a partner at law firm Pierce Bainbridge and co-lead counsel in the case.

Facebook indicated that it would fight the lawsuit.

"In the current environment, where plaintiffs' attorneys see financial opportunities, claims like this aren't unexpected but they are without merit," a Facebook spokesperson said in an email statement.

The filing is an escalation of Facebook's battles with small app developers that had built companies based on access to its user data. Facebook cut off access for certain apps as far back as 2012, while still allowing access for others.

Thousands of pages of damaging internal emails have emerged from a similar lawsuit filed by Six4Three, the developer of a now-shuttered bikini photo app. Facebook has described the Six4Three case as baseless.

The social network also faces multiple investigations into possible antitrust violations by regulators around the world.

By Katie Paul

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Financials (USD)
Sales 2020 85 662 M
EBIT 2020 31 475 M
Net income 2020 25 987 M
Finance 2020 68 372 M
Yield 2020 -
P/E ratio 2020 22,2x
P/E ratio 2021 18,6x
EV / Sales2020 5,88x
EV / Sales2021 4,73x
Capitalization 572 B
Chart FACEBOOK
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Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 52
Average target price 244,76  $
Last Close Price 200,72  $
Spread / Highest target 49,5%
Spread / Average Target 21,9%
Spread / Lowest Target -40,2%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
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SINA CORPORATION-7.34%2 573
NEW WORK SE-8.56%1 630