The shares of Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL), the parent holding company of Google seemed unfazed despite the biggest U.S. antitrust case hitting the search engine giant.
On Tuesday, the Department of Justice (DOJ) and 11 states filed an antitrust lawsuit against Google alleging that the company is utilizing monopoly power in the web search market to lock out competitors.
The lawsuit lodged by the DOJ is the first to emerge from the agency’s probe into massive tech companies like Google, Facebook, Amazon, and Apple.
This marks the government’s most significant antitrust move since its groundbreaking suit against Microsoft more than two decades ago.
Alphabet’s Class A shares (GOOGL) climbed from $1,529.95 each on Monday to $1,551.08 each on Tuesday. The stock price of GOOGL remains upward on Wednesday, trading around $1,603.80 per share, up by 3.40% at the time of this writing in New York.
Alphabet’s Class C (GOOG) shares rose from $1534.61 each on Monday to $1,555.93 each on Tuesday. The shares are also climbing on Wednesday, trading around $1,612.80 each, up by 3.66%.
