Facebook Inc (NASDAQ:FB), world’s biggest social networking site, was sued by Kickflip Inc, which does business as Gambit, over charges the social networking corporation broke antitrust regulations in the virtual-currency market.
Gambit was the major virtual currency and payment processing supplier to software developers that published games on Facebook and other social networking sites.
Lawyers for Kickflip, based in Austin, Texas, reported in court papers reported in federal court in Wilmington, Delaware on Monday that Facebook’s verdict in 2009 to provide its own services to developers destroyed a vibrant and competitive market.
Kickflip lawyers reported that Facebook leveraged its supremacy in the social-game market to control and dominate the separate market for virtual-currency services.
The Menlo Park, California-based Facebook’s service charged developers a 30% fee and offered only a narrow range of services, according to Kickflip complaint.
Kickflip is looking for a judge to bar Facebook from enforcing its policy and award unspecified damages, as shown in the complaint.
Facebook, Inc is engaged in developing products to make utility for users, developers, and advertisers. Users use world’s biggest social networking site to stay connected with friends and family.
Facebook Inc (NASDAQ:FB) has market capitalization of 47.01 billion. The company’s institutional ownership was 48.53% while its price to earnings ratio was 243.78. Company’s net profit margin was 6.24% while gross profit margin was 73.81%. The Beta factor, which is used as a measure of a company’s volatility in relation to the market, was 3.49 while the PEG ratio of the company was 9.27.
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