SAN FRANCISCO (Legal Newsline) — The AMI-Government Employees Provident Fund Management claims Google's parent company, Alphabet, caused its stock prices to be artificially inflated through misleading information to stock holders.
AMI-Government Employees Provident Fund Management Company LTD, individually and on behalf of all others similarly situated, filed a complaint March 16 in the U.S. Bankruptcy Court for the Northern District of California against Alphabet INC., Sundar Pichai, Ruth M. Porat and Phillips Schindler alleging violation of the Securities Exchange Act and other claims.
According to the plaintiffs' complaint, Alphabet is a multinational tech conglomerate holding company created through reconstruction of Google. They claim that the defendants made false and misleading statements regarding the company's business operations including using digital advertising to disadvantage website publishers and advertisers using competing advertising products.
The plaintiffs further claim Alphabet's anticompetitive conduct caused the company to face significant regulatory scrutiny and that its conduct negatively impacted the company's reputation and also resulted in the antitrust lawsuits being filed by U.S. Department of Justice and eight states. The plaintiffs say Alphabet's shares fell 2.09% in January of 2023 and caused them to suffer significant losses and damages by acquiring the stock at artificially inflated prices.
The plaintiffs seek monetary relief, interest, trial by jury and all other just relief. They are represented by Jennifer Pafiti of Pomerantz LLP in Los Angeles, Jeremy Lieberman and J. Alexander Hood, II of Pomerantz LLP in New York City and Orly Guy and Ariel Sharon of Pomerantz LLP in Givatayim, Israel.