- Meta Platforms, Inc (NYSE:META) tasted defeat in a lawsuit with European Union regulators who ordered vast amounts of data to help build an antitrust case against the Facebook parent.
- On Wednesday, the EU General Court, the bloc’s second-highest court, ruled that Meta had failed to prove that the request “went beyond what was necessary,” Bloomberg reports.
- The case dates back three years to when the European Commission started examining Meta’s sales platform and how it uses app data.
- Also Read: Meta Stock Falls Premarket: EU Slaps Company With Record $1.3B Penalty For Data Privacy Violation
- While Meta says it cooperated and handed over a million documents, the company prosecuted the EU’s executive arm in 2020, citing the comprehensive nature of the data requests.
- In 2020 the EU court ordered the EU to work with Meta and store information in a virtual data room.
- Scrutiny of Meta added to EU probes into Amazon.com Inc’s (NASDAQ:AMZN) mode of data collection from retailers, which by now was settled, and investigations into Apple Inc’s (NASDAQ:AAPL) app store.
- Meta was hit with a formal EU complaint in December for allegedly squeezing out classified ad rivals by tying the Facebook Marketplace to its social network.
- Price Action: META shares traded lower by 0.40% at $245.75 premarket on the last check Wednesday.
Alphabet, Twitter And This Technology Stock Insiders Are Selling
US crude oil futures traded higher this morning on Friday. Investors, meanwhile, focused on some notable insider trades.
