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U.S. Government sues to stop AT&T/T-Mobile merge

AT&T stock chart

The U.S. Justice Department sues to stop T-Mobile merger by telecommunication giant AT&T, its proposed $39 billion takeover of T-Mobile.

They say that AT&T's plan to buy T-Mobile, the combination of second and forth largest cellphone companies, could thwart competition and raise rates.

The Justice Department argues that it “would substantially lessen competition for mobile wireless telecommunications services across the United States, resulting in higher prices, poorer quality services, fewer choices and fewer innovative products for the millions of American consumers who rely on mobile wireless services in their everyday lives," the complaint report reads.

AT&T entered into the proposed purchase in March, according to Mashable. Its stock price was down five per cent this morning, after the news broke.

For more info, go here and here.

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