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Google Inc (NASDAQ:GOOGL) Investor Filed Lawsuit Over Alleged Anti-Poaching Agreements

  • If you purchased shares of Google Inc (NASDAQ:GOOGL) in 2007 or earlier and currently hold any of those NASDAQ:GOOGL shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Google, Inc.
Security
NASDAQ: GOOGL

Case Name
Google Shareholder Derivative Lawsuit 03/27/2015
Type of Lawsuit
Stockholder Derivative Action
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Summary

December 1, 2015 (Update) - The case was dismissed.
March 30, 2015 (Shareholders Foundation) - An investor in Google Inc (NASDAQ:GOOGL) shares filed a lawsuit against the board of directors of Google inc alleging the defendants harmed Google Inc by engaging in illegal anti-poaching agreements with other tech companies in violation of federal antitrust laws.

The plaintiff alleges that the defendants breached their fiduciary duties owed to investors in Google Inc shares in connection with the revelation of its anti-poaching agreements with competitors including Apple Inc., Adobe Systems Inc. and Intel Corp. More specifically, the plaintiff claims that Defendants caused or condoned Google’s conspiracy to repeatedly and persistently violate federal antitrust laws, with several of its Silicon Valley colleagues, by engaging in a multi-year scheme to illegally suppress competition and wages for high-tech employees in Silicon Valley, thereby effectively undermining innovation in technology.

Recently a California federal judge issued preliminary approval of a $415 million settlement in the long-running antitrust class action filed against Google and others for illegally agreeing not to poach each other’s engineers. The settlement ends nearly four years of litigation over claims the companies conspired to suppress pay for software engineers.

Shares of Google Inc (NASDAQ:GOOGL) grew from $218.49 per share in July 2010 to as high as $610.70 per share in February 2014. Google Inc reported that it annual Total Revenue rose from over $37.9 billion in 2011 to over $66 billion in 2014 and that its respective Net Income increased from over $9.73 billion to over $14.44 billion. In early January 2015 NASDAQ:GOOGL shares declined to $500.72 per share.