Apple Faces Antitrust Suit Over Blocking Rivals' Access - Reports

Apple's stock fell after reports surfaced of the Justice Department preparing to file an antitrust lawsuit against the tech giant. The lawsuit accuses Apple of preventing its rivals from accessing certain hardware and software features on its devices. The DOJ is expected to file the case in federal court, highlighting Apple's alleged restrictions on third-party apps. Several companies have criticized Apple for monopolistic behavior, and the purported lawsuit comes amid mounting antitrust scrutiny in Europe. The tech company has faced fines and criticism for its alleged anti-competitive practices, signaling growing regulatory pressure on its market dominance. The stock has fallen by 3.75% since the start of 2024, driven by concerns over its slow adoption of AI and challenges in China. The lawsuit reflects a broader trend of tech companies facing increased regulatory scrutiny globally, as governments aim to curb monopolistic behavior in the industry.