- 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.
TopBuild Strengthens Installation Business Via Acquisition Of Texas-Focused Best Insulation
TopBuild Corp (NYSE: BLD) has agreed to acquire all of the assets of Best Insulation, a residential insulation installer,
