Five U.S. lawmakers accuse Amazon of possibly lying to Congress following Reuters report

Amazon Stock

Five U.S. lawmakers accuse Amazon of possibly lying to Congress following Reuters report

Amazon.com Inc (NASDAQ: AMZN) is trading up 3.31% at 3409.02

Five members of the U.S. House Judiciary Committee wrote to Amazon.com Inc (NASDAQ: AMZN)’s chief executive Sunday and accused the company’s top executives, including founder Jeff Bezos, of either misleading Congress or possibly lying to it about Amazon’s business practices.

The letter also states that the committee is considering “whether a referral of this matter to the Department of Justice for criminal investigation is appropriate.”

Addressed to Amazon CEO Andy Jassy, the letter followed a Reuters investigation last week that showed that the company had conducted a systematic campaign of copying products and rigging search results in India to boost sales of its own brands – practices Amazon has denied engaging in. Jassy, a long-time Amazon executive, succeeded Bezos in July.

The letter states that “credible reporting” in the Reuters story and recent articles in several other news outlets “directly contradicts the sworn testimony and representations of Amazon’s top executives – including former CEO Jeffrey Bezos.”

On technical fronts Amazon.com Inc (NASDAQ: AMZN) RSI stood at 58.19 and currently stock is trading above all MA. So, the BUY position can be taken with the following target and stop loss:

TRADE SIGNAL – : Amazon.com Inc (NASDAQ:AMZN) – BUY : 3409.02, TARGET: 3472.90, STOP LOSS : 3368.75

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