Apple Inc. (NASDAQ: AAPL) has issued a strong response to the U.S. Department of Justice (DOJ) lawsuit, asserting that it poses a threat to the company's core principles and its ability to innovate.
What Happened: In a statement to Benzinga on Thursday, Apple defended its position, arguing that the lawsuit jeopardizes the very essence of the company's products and the competitive markets in which they operate.
"This lawsuit threatens who we are and the principles that set Apple products apart in fiercely competitive markets. If successful, it would hinder our ability to create the kind of technology people expect from Apple-where hardware, software, and services intersect."
"It would also set a dangerous precedent, empowering government to take a heavy hand in designing people's technology."
Apple further stated, "We believe this lawsuit is wrong on the facts and the law, and we will vigorously defend against it."
Why It Matters: The DOJ's lawsuit, which has now been filed, alleges that Apple violated antitrust laws by restricting competitors' access to iPhone hardware and software features.
This would be the third antitrust case against Apple in the last 14 years.
The lawsuit is a result of an investigation initiated in 2019 under the Trump administration.
However, the antitrust division prioritized cases against Alphabet Inc.'s Google (NASDAQ: GOOGL) (NASDAQ: GOOG), which allowed the lawsuit against Apple to take a back seat as Epic Games Inc. sued Apple for monopolization in 2020.
Price Action: At the time of writing, Apple's stock was down 2.89% to $173.51, according to Benzinga Pro.