- The District of Columbia's attorney general blamed has Amazon.com Inc AMZN for manipulating wholesaler contracts to drive up product prices on other websites, protecting itself from the competition, the Wall Street Journal reports.
- The allegations added to a pending district antitrust lawsuit. The earlier complaint alleged Amazon of blocking third-party sellers from offering better deals off Amazon's site.
- Amazon has defended its policies and filed a motion to dismiss the lawsuit.
- The amended lawsuit called out Amazon's contracts with first-party sellers that guarantee Amazon a minimum profit and require the wholesalers to compensate Amazon for any anomalies.
- Allegedly, Amazon lowers the price of a product to match a cheaper offering on another shopping site incentivizing the wholesalers to ensure other online marketplaces don't have lower prices than Amazon's price.
- Price Action: AMZN shares traded higher by 0.17% at $3,463.05 premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
