SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of Amazon.com, Inc. (AMZN) and Encourages Long-Term Investors to Contact the Firm
Nov 25th, 2022 8:00 EST
Philadelphia, Pennsylvania--(Newsfile Corp. - November 25, 2022) - Kaskela Law LLC announces that it is investigating Amazon.com, Inc. ("Amazon") (NASDAQ: AMZN) on behalf of the Company's long-term investors.
A recently filed complaint alleges that certain of Amazon's current and former senior executive officers/directors breached their fiduciary duties by "knowingly and/or recklessly causing the Company to store the biometric information of its employees, users, and its cloud-based clients' users, including minors, without informing them of these practices and without securing users' written consent, and to fail to develop a written policy available to the public that set a retention schedule and guidelines for users to permanently destroy biometric identifiers when the initial purpose for collection was satisfied" in direct violation of state privacy laws.
Further, the complaint alleges that the defendants violated the law by causing the Company to engage in various anticompetitive practices against third party sellers ("TPSs"), including (i) causing the online retailer to enter into contracts with TPSs that had the effect of inflating prices for consumers through policies that guaranteed Amazon a minimum profit on each item sold, while simultaneously discouraging TPSs from offering their products at lower prices through other retailers; and (ii) giving Amazon private-label products preference over those of its competitors using TPSs's non-public data.
The investigation seeks to determine whether the members of Amazon's board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Amazon stockholders who purchased or acquired their shares prior to January 1, 2019 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 - 0750, or by email ([email protected]) or online at https://kaskelalaw.com/cases/amazon-com-inc/ , to receive additional information about this investigation and their legal rights and options.Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145626