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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook Inc    FB

FACEBOOK INC

(FB)
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U.S. states plan to sue Facebook next week - sources

12/03/2020 | 12:21am EST
FILE PHOTO: Facebook logos

WASHINGTON (Reuters) - A group of U.S. states led by New York is investigating Facebook Inc for possible antitrust violations and plans to file a lawsuit against the social media giant next week, four sources familiar with the matter said on Wednesday.

The complaint would be the second major lawsuit filed against a Big Tech company this year. The Justice Department sued Alphabet Inc's Google in October.

More than 40 states plan to sign on to the lawsuit, one source said, without naming them.

Facebook declined to comment. A spokesman for the New York attorney general's office declined to comment.

The Federal Trade Commission, whose commissioners met on Wednesday, could file a related complaint with an administrative law judge or in district court.

It is not known what the states plan to include in their complaint. One allegation often made against Facebook is that it has strategically sought to buy small potential rivals, often at a big premium. These include Instagram in 2012 and WhatsApp in 2014.

Facebook Chief Executive Mark Zuckerberg has argued in congressional testimony that the company has a range of competitors, including other tech giants. He has defended controversial acquisitions like Instagram and WhatsApp by saying the social media platform helped them expand from small, insignificant companies into powerhouses.

The Justice Department and FTC in 2019 began antitrust investigations into the four big tech companies, which also include Amazon.com Inc and Apple Inc. Shortly after that, attorneys generals quickly joined together to probe Google and Facebook.

(Reporting by Diane Bartz; Editing by Richard Chang)

By Diane Bartz and Karen Freifeld


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -4.67% 1818.94 Delayed Quote.3.78%
APPLE INC. -0.77% 142.06 Delayed Quote.7.89%
FACEBOOK INC -3.51% 272.14 Delayed Quote.-0.37%
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Financials (USD)
Sales 2020 84 258 M - -
Net income 2020 27 050 M - -
Net cash 2020 60 362 M - -
P/E ratio 2020 29,0x
Yield 2020 -
Capitalization 775 B 775 B -
EV / Sales 2020 8,48x
EV / Sales 2021 6,68x
Nbr of Employees 56 653
Free-Float 83,8%
Chart FACEBOOK INC
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Technical analysis trends FACEBOOK INC
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 51
Average target price 321,54 $
Last Close Price 272,14 $
Spread / Highest target 37,8%
Spread / Average Target 18,2%
Spread / Lowest Target -28,3%
EPS Revisions
Managers and Directors
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
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