Apple Targeted by DOJ Over eBooks (AAPL, BKS)
Few details are out, but the Department of Justice is going to be making an announcement today that it is filing a lawsuit against Apple Inc. (NASDAQ: AAPL) and book publishers for collusion or price fixing on ebooks. The move to…
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The WSJ is reporting that the DOJ suit alleges that consumers have paid tens of millions of dollars more for ebooks than what they should have paid. If this is only ‘tens of millions of dollars’ as the initial reports are signaling then it is effectively not going to be anything more than a slap on the wrist.
Oddly enough, the impact is small so far. Barnes & Noble, Inc. (NYSE: BKS) is barely up 0.3% when you would think that it may benefit from this move. Apple is still up 0.9% at $634.00 or so.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.