The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Alphabet Inc. (GOOG, GOOGL) Investors

Investors with losses exceeding $100,000 are encouraged to contact the firm

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Alphabet Inc. (“Alphabet” or the “Company”) (NASDAQ: GOOG, GOOGL) investors securities between February 4, 2020 and January 23, 2023, inclusive (the “Class Period”). Alphabet investors have until May 15, 2023 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On January 24, 2023, the U.S. Department of Justice and eight states filed an antitrust lawsuit against Alphabet’s subsidiary, Google, accusing it of unlawfully abusing its dominance in digital advertising and violating the Sherman Antitrust Act, claiming that “Google abuses its monopoly power to disadvantage website publishers and advertisers who dare to use competing ad tech products in a search for higher quality, or lower cost, matches.”

On this news, Alphabet’s Class A shares fell $2.09, or 2%, to close at $97.70 per share, while its Class C shares fell $2.00, or 2%, to close at $99.21 per share on January 24, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Alphabet used its dominance in the field of digital advertising to disadvantage website publishers and advertisers who used competing advertising products; (2) the foregoing conduct was anticompetitive in nature and likely to draw significant regulatory scrutiny; (3) Alphabet's revenues were unsustainable to the extent that they were the product of said anticompetitive conduct; (4) Alphabet's conduct, once revealed, would negatively impact the Company's reputation and expose it to a heightened risk of litigation and regulatory enforcement action; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Alphabet securities during the Class Period, you may move the Court no later than May 15, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Alphabet securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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