Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alphabet Inc.    GOOGL


SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

States Prepare to File Own Antitrust Cases Against Google

10/20/2020 | 12:22pm EST

By John D. McKinnon

WASHINGTON -- More antitrust cases are likely to be filed against Alphabet Inc.'s Google soon by state attorneys general, even though partisan-tinged wrangling has clouded the path forward.

At least two separate though overlapping groups of attorneys general are investigating the company concurrently. One effort, led by Texas Attorney General Ken Paxton, a Republican, focuses on online advertising and could lead to a lawsuit being filed within weeks, according to people familiar with the situation.

That probe has been under way for more than a year, with attorneys general from 48 states, the District of Columbia, Guam and Puerto Rico initially joining in a bipartisan effort in cooperation with the Justice Department.

But in recent weeks fissures have emerged involving some of the Democratic and Republican attorneys general, the people said. Much of the disagreement has centered on whether to join in the Justice Department suit against Google filed Tuesday.

That divide was highlighted when attorneys general from 11 states signed on to the Justice Department lawsuit, all of them Republicans. In addition to Texas, the states that joined were Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana and South Carolina.

Some Democrats have argued to their colleagues that the Justice Department's focus has been too narrow in its investigation of the online-search business, the people said, and wanted it to include a broader range of issues.

Some Republicans have questioned the sincerity of that claim, suggesting that Democrats may be stalling because they don't want to support a Republican-led effort ahead of the Nov. 3 election. That argument appeared to be undercut somewhat by the number of Republican attorneys general who didn't sign on either.

Further complicating the issue, senior officials in Mr. Paxton's office recently complained to law enforcement authorities about their boss in an unrelated case, saying they had found evidence of wrongdoing related to a campaign donor.

Mr. Paxton has defended his actions and vowed not to resign, making it uncertain if the issue will affect the Google investigation.

States have their own antitrust laws and can seek their own legal remedies for violations. For example, states often are better positioned to seek monetary damages than the federal government is, legal experts say.

Google declined to comment. In a recent blog post on competition issues, the company emphasized that its products help people as well as other businesses.

"Our products increase choice and expand competition," it said. "They level the playing field for small businesses everywhere -- enabling them to sell their products, find customers, reduce their costs and, in difficult times, get back on their feet."

A second, less-publicized Google probe includes a bipartisan group of attorneys general that includes New York, Colorado, Iowa, Nebraska, North Carolina, Tennessee and Utah.

That group released a statement on Tuesday saying its probe is expected to conclude "in the coming weeks."

"If we decide to file a complaint, we would file a motion to consolidate our case with the DOJ's," the statement said. "We would then litigate the consolidated case cooperatively, much as we did in the Microsoft case," it said, referring to the government antitrust action against the software company two decades ago that was brought jointly by the Justice Department and a number of states.

The statement praised the "strong bipartisan cooperation among the states and the good working relationship with the DOJ on these serious issues."

One former Democratic state attorney general said recently that the split in the internet-search coalition between Democratic attorneys general and their Republican counterparts appears to be consistent with recent partisan divisions.

"Right now the climate is that the Democratic AGs are extremely reluctant to sign onto anything that [U.S. Attorney General William] Barr's DOJ would be bringing and are always going to be looking with skepticism on what Barr is doing," the former official said.

Representatives of several Democratic attorneys general in the coalition didn't immediately respond to requests for comment.

Write to John D. McKinnon at john.mckinnon@wsj.com

(END) Dow Jones Newswires

10-20-20 1221ET

Stocks mentioned in the article
ChangeLast1st jan.
AGS CORPORATION 0.45% 888 End-of-day quote.6.47%
ALPHABET INC. 1.30% 1787.02 Delayed Quote.33.42%
MICROSOFT CORPORATION 0.64% 215.23 Delayed Quote.35.62%
All news about ALPHABET INC.
11/28Solar Power Booms in Texas -- Journal Report
11/28FACTBOX-THE BIDEN CABINET : President-elect begins to build a team
11/27EXCLUSIVE : Russia's Sberbank targets half of revenue from non-banking by 2030 -..
11/27EXCLUSIVE : Russia's Sberbank targets half of revenue from non-banking by 2030 -..
11/27India's GDP Shrinks as Covid-19 Keeps Stranglehold on Economy -- 2nd Update
11/27India's GDP Shows Covid-19 Has Stranglehold on One of World's Largest Economi..
11/27Renewable Energy Industry Readies Wish Lists for Joe Biden
11/26Britain says it will impose new competition rules to prevent google and faceb..
11/26Amazon Web Services Hit by Outage -- Update
11/25Amazon Web Services Hit by Outage -- Update
More news
Financials (USD)
Sales 2020 179 B - -
Net income 2020 35 705 M - -
Net cash 2020 118 B - -
P/E ratio 2020 35,0x
Yield 2020 -
Capitalization 1 211 B 1 211 B -
EV / Sales 2020 6,12x
EV / Sales 2021 5,00x
Nbr of Employees 132 121
Free-Float 90,3%
Duration : Period :
Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 47
Average target price 1 884,54 $
Last Close Price 1 787,02 $
Spread / Highest target 25,9%
Spread / Average Target 5,46%
Spread / Lowest Target -30,8%
EPS Revisions
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
Sector and Competitors
1st jan.Capitalization (M$)
ALPHABET INC.33.42%1 210 823
PROSUS N.V.36.78%181 504
THE TRADE DESK, INC.236.09%41 005