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<p>Shares of eBay slid 1.5% lower on Wednesday’s market open after reports broke out that the US <a href="https://www.justice.gov/opa/pr/justice-department-files-complaint-alleging-environmental-violations-ebay" target="_blank" rel="noopener noreferrer nofollow">sued the e-commerce giant</a> for allegedly violating the Clean Air Act (CAA) and federal environmental laws by selling toxic aftermarket products for motor vehicles.&nbsp;</p>
<h3 id="ebay-charged-for-violating-us-federal-environmental-laws">eBay Charged for Violating US Federal Environmental Laws</h3>
<p>According to Reuters, the US government unveiled a lawsuit against e-commerce behemoth eBay on Wednesday, accusing the company of “violating federal environmental laws related to its sale of aftermarket products for motor vehicles or motor vehicle engines.”</p>
<p>eBay’s shares tumbled over 1.5% at the market open.</p>
<blockquote class="wp-block-quote">
 <p>The complaint alleges that eBay sold, offered for sale or caused the sale of more than 343,000 aftermarket defeat devices, which defeat motor vehicle emission controls, a violation of the CAA. Aftermarket defeat devices significantly increase pollution emissions – including carbon monoxide, nitrogen oxides, particulate matter and nonmethane hydrocarbons – that harm public health and impede efforts by the EPA, states, Tribes and local agencies to plan for and attain air quality standards.</p>
 <p>The complaint also alleges that eBay has violated FIFRA by unlawfully distributing or selling at least 23,000 unregistered, misbranded or restricted-use pesticide products, even in violation of a stop sale order EPA issued to eBay in 2020 and amended in 2021. Examples include a high toxicity insecticide banned in the United States, restricted use pesticides that only certified applicators may apply and products fraudulently claiming to protect users against the SARS-CoV-2 virus.</p> <cite><a href="https://www.justice.gov/opa/pr/justice-department-files-complaint-alleging-environmental-violations-ebay" target="_blank" rel="noopener noreferrer nofollow">Justice Department Files Complaint Alleging Environmental Violations by eBay: www.justice.gov</a></cite>
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<h3 id="ebay-stock-heading-for-2-month-low">eBay Stock Heading for 2-Month Low</h3>
<p>eBay’s latest downturn took the company’s share price to $43.11 at publication – the lowest level since early August. The company’s <a href="https://tokenist.com/investing/how-do-stocks-work/" rel="noopener noreferrer nofollow">stock</a> experienced a rollercoaster ride in 2023, climbing just over 2% year-to-date, compared to the S&amp;P 500’s gains of 13% during the same period.&nbsp;</p>
<p>The company’s share price plummeted sharply earlier this year after its <a href="https://www.reuters.com/technology/ebay-forecasts-third-quarter-revenue-above-estimates-2023-07-26/" target="_blank" rel="noopener noreferrer nofollow">Q3 profit outlook</a> missed Wall Street estimates. The weak guidance came as eBay faced high costs to support categories such as auto parts, refurbished goods, and collectibles.&nbsp;</p>
<p>The company said it expects Q3 profit to range between $0.96 and $1.01 per share, compared to Wall Street’s consensus estimates of $1.02. eBay’s gross merchandise value (GMV), a key metric that gauges the value of goods and services sold on the marketplace, declined 2% to $18.2 billion in Q2.&nbsp;</p>
<p>At its current stock price, eBay trades just above the support zone at $42.78 – $42.50, indicating an area where the buying pressure may increase should shares continue to slide. Falling below this threshold would send eBay’s share price toward the next support level at around $42.01.&nbsp;</p>
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<p><em><strong>Do you think the lawsuit is likely to have a severe impact on eBay? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/ebay-down-1-5-as-us-gov-sues-for-violation-of-federal-laws/">eBay Down 1.5% as US Gov Sues for Violation of Federal Laws</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

eBay Down 1.5% as US Gov Sues for Violation of Federal Laws

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