Apple Hit with $995 million UK Lawsuit Over App Store Fees Amid Developer Outcry
According to Bloomberg Tuesday, Apple (NASDAQ:AAPL) will be the target of a class action lawsuit in the United Kingdom claiming anti-competitive policies connected to App Store fees. Under Sean Ennis, a professor focused in competition policy, the complaint seeks up to $995 million in damages for around 13,000 developers located in the United Kingdom.
Developers paying fees as much as 30% on Apple’s App Store-generated income fuels the legal action. Apple will now have to defend its policies in court after earlier trying to stop the lawsuit from moving further.
Apple has not reacted to the complaint with a statement. Over the past three months, Apple’s shares have appreciated 7.32%; they closed at $239.07. With a forward price-to—-earning ratio of 32.26 above historical averages, analysts have raised questions about the valuation of the stock. The present price of the company also exceeds the GuruFocus Value estimate of $187.95, so indicating a possible premium valuation that investors should be wary of. The complaint adds to Apple’s already intense regulatory scrutiny directed on its App Store policies internationally.
This article first appeared on GuruFocus.
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