Amazon accused of misleading investors in class action lawsuit

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By Greg Lamm (June 29, 2022, 5:43 PM EDT) — A union fund pair has filed a proposed class action lawsuit in federal court in Washington accusing Amazon.com Inc. of misleading investors through the anticompetitive misuse of Confidential Third Parties – Third Party Seller Data for the benefit of Amazon’s private label business.

The 36-page complaint, filed Tuesday on behalf of the Communication Workers of America Local 1180 fund, alleges that Amazon misrepresented or failed to disclose that it engaged in anti-competitive behavior resulting in unsustainable sales. which artificially inflated stock prices.

The lawsuit, which names Amazon, former CEO Jeff Bezos, current CEO Andrew Jassy and other top executives as defendants, also alleges that Amazon’s actions increased the…

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