Apple shares fell by 4.1%, wiping out $113 billion in market value and resulting in an 11% year-to-date loss, after the US Department of Justice launched an antitrust lawsuit against the company, Bloomberg reports.
The US lawsuit accuses Apple of blocking rivals from accessing hardware and software features on its devices. Apple criticized the US lawsuit, stating it will vigorously defend against it, warning against government intervention in technological innovation.
Meanwhile, European authorities are investigating whether Apple is compliant with the region’s Digital Markets Act, focusing on its fees and terms for app developers. Apple remains under heavy scrutiny following its recent €1.8 billion EU fine for blocking music streaming apps from informing users of cheaper deals.
