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Google Charges Higher Fees for Ads, Lawsuit Says. That’s Not Why Alphabet’s Stock Is Dropping.


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Alphabet stock is down on Friday, but it’s not because of antitrust headlines. The spillover from Snap’s warning Thursday evening that its advertising growth would slow going forward is doing much more to pressure internet advertising stocks industrywide.

On Friday, an antitrust investigation begun in 2019 by a bipartisan coalition of attorneys general from almost every state into Google’s advertising practices spilled into public view after a federal judge allowed much of the suit to be unsealed. The unredacted lawsuit says...