Apple Inc AAPL is due to be charged by European Union’s antitrust regulators this week, reported Reuters Tuesday.
What Happened: This would be the first such time that the Tim Cook-led company would face antitrust charges brought on by the E.U., which could lead to a fine as steep as 10% of the company’s global revenue, according to Reuters.
The report of the charges comes in the wake of allegations made by the music streamer Spotify Technology S.A. SPOT, which complained to the E.U. regarding Apple unfairly favoring its own Apple Music service in 2019.
The Swedish company also complained about the 30% charges that Apple mounts on app developers to utilize its in-app purchase system.
Why It Matters: The E,U,’s competition body is probing the Cupertino, California-based tech giant in four open investigations, noted Reuters.
Apple in its 2019 retort to the Spotify complaint had said that it had allowed the music streamer to “dramatically grow their business” using the App Store.
It accused Spotify of wanting to “keep all the benefits” of the App Store while not making “any contributions to that marketplace."
Last month, it was reported that Cook will testify against “Fortnite” maker Epic Games in a court case.
Apple and Alphabet Inc GOOGL GOOG were taken to court by Epic after Fortnite was removed from receptive app stores for refusing to pay the 30% cut both tech giants charge on in-app purchases.
In December, Apple was sued for $200 million in the E.U. over allegations it deliberately slowed down iPhones to mask battery issues.
Price Action: On Tuesday, Apple shares closed nearly 0.2% lower at $134.39 in the regular session and rose 0.3% in the after-hours trading.
Read Next: Apple Faces Class Action Over Allegations Of Exaggerating iPhone Water-Resistance Capabilities
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