Apple's in Hot Water Over Its iPhone Dominance. Here's What Investors Should Know About Its Latest Antitrust Lawsuit.
It's not often that Apple (NASDAQ: AAPL) sheds $100 billion of market value, but that's what happened on March 21.
The Department of Justice and 16 state attorneys general sued Apple for monopolizing the smartphone market, adding to a long list of headaches for the iPhone maker, which is already struggling with headwinds in China and flat revenue growth. Apple also lost the title of the world's most valuable company earlier this year to Microsoft.
The DOJ alleged that Apple has an illegal monopoly in smartphones in violation of the Sherman Antitrust Act. Its complaints were far-reaching, arguing that Apple makes it harder for Americans to switch smartphones; undermines innovation in apps, products, and services; and imposes unjustified costs on developers, businesses, and consumers.
Source Fool.com
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