Apple Stock (NASDAQ:AAPL)
Apple (NASDAQ:AAPL) has prevailed in its appeal against the antitrust watchdog in the United Kingdom based on a technicality, which has contributed to the termination of what was going to be a comprehensive probe of the company’s mobile Web browser. As a result, Apple stock surged.
After a study concluded that Apple and Google could exert a “stranglehold” on the systems running mobile devices, the UK’s Competition and Markets Authority opened an investigation into the dominance of the mobile browser market by the two companies. The investigation is being conducted by the Competition and Markets Authority. After that, on November 22, the CMA began conducting a more in-depth examination.
On the other hand, Apple has asked for a review of that judgment to be heard by the Competition Appeal Tribunal, claiming that the decision was made outside of the required time constraints. (Google did not participate in the appeal in any way.)
Such time constraints were applicable in this particular instance, and “the CMA failed to comply with these limitations.”
The cutoff date for the beginning of a consultation period was December 15, 2021; however, the CMA began its consultation on June 10, 2022.
The Competition Appeal Tribunal said, “this implies the Decision lacks the statutory pre-requisites for a legal judgment, was supra vires, and must be annulled.” “This means the Determination lacks the statutory pre-requisites for a valid decision,” it added.
The Competition and Markets Authority (CMA) issued the following statement in response to the ruling: “We are disappointed with today’s judgment.” “We made this market investigation reference to ensure that UK consumers get a better choice of mobile Internet services and that UK developers can invest in innovative new apps.” Apple did not respond to our concerns or address why we decided to conduct a market inquiry.”
“The decision handed down today has ruled that the CMA’s broad authority to refer markets for further in-depth investigations is subject to several substantial limits,” “The agency carried on its operations. “This runs the danger of significantly damaging the CMA’s capacity to examine markets efficiently and effectively and to act in those sectors where competition is not functioning properly.”
The CMA will think about asking for authorization to file an appeal against the ruling.
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