Investing.com – Shares of Delivery Hero fell on Monday after the German online food delivery company acknowledged it could face a hefty fine due to antitrust violations.
At 05:45 ET (09:45 GMT), Delivery Hero shares were trading 4% lower at €20.18, down 20% year-to-date and down nearly 50% over the past year.
The possible fine, which could exceed 400 million euros, is due to “an alleged anti-competitive agreement to divide up national markets, exchanges of commercially sensitive information and agreements not to hunt down competitors,” the company said in a statement published on Sunday evening.
Delivery Hero said it will cooperate with the European Commission and will also significantly increase its corresponding provision, which it had previously built up to €186 million.