ADBE - Adobe (ADBE) Stock Sinks as U.S. Reportedly Plans to Block Figma Acquisition
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Adobe (NASDAQ:ADBE) stock is falling on Friday on reports that the U.S. may stand in the way of its $20 billion Figma acquisition.
According to these reports, people close to the matter claim that the U.S. Justice Department is preparing an antitrust lawsuit that it will file against Adobe to stop the deal. These same reports claim the government may file this lawsuit as early as March.
As for Adobe’s opinion on the reports, the company says there shouldn’t be trouble with regulators. It argues that Adobe and Figma are in different product categories. It believes this is enough to justify its purchase of the interactive design company.
Adding to this, Adobe says it’s already in discussions with regulators around the world about its Figma acquisition. Based on those talks, the graphic design software company continues to expect the deal to close before the end of the year, Reuters notes.
ADBE Stock Movement On Friday
Investors in ADBE stock have had their confidence shaken by the antitrust lawsuit reports. As a result, the company’s shares have fallen 6.4% as of Friday morning. At the same time, some 1.5 million shares of the stock have changed hands. For comparison, the company’s daily average trading volume is about 2.7 million shares.
Investors on the lookout for all of the latest stock market news will want to stick around!
InvestorPlace is home to all of the most recent stock coverage traders need to know about on Friday! That includes what’s happening with stocks falling today, as well as the latest stories concerning ShiftPixy (NASDAQ:PIXY) and Boeing (NYSE:BA) shares. We’ve got all of that news prepared at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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