Teads Holding (TEAD) has filed a suit against Google (GOOG)(GOOGL), seeking financial compensation following a federal judge's ruling last year that said the tech giant had engaged in unlawful anticompetitive practices and monopolistic conduct in digital ad markets.
The suit has been filed in the U.S. District Court for the Southern District of New York. Teads alleges that Google's exclusionary ad tech practices limited the company's revenue potential.
"Teads was built to empower publishers to thrive by connecting them with leading advertisers and maximizing their yield through innovative formats, premium user experiences, and scalable monetization technology," said Teads CEO David Kostman. "For years, Google used its dominance to suppress fair competition and distort the digital ad tech ecosystem to its own advantage. We filed this action to recover the financial damages caused to our business and restore a transparent, competitive marketplace for publishers and advertisers."
Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., are representing Teads in the civil suit.
"The Google Lawsuit follows the United States District Court for the Eastern District of Virginia's ruling that Google LLC had engaged in unlawful anticompetitive practices with respect to certain digital ad tech markets," Teads said in an 8-K filing with the U.S. Securities and Exchange Commission on Monday. "Google is a significant participant in the digital advertising ecosystem and a competitor to the Company. Moreover, a meaningful portion of our revenue is generated through transactions that involve Google's advertising technology."
Tead's shares shot up nearly 15% by the close of markets on Monday.