Google hit with $2.3 billion lawsuit by Axel Springer, other media groups

Alphabet's Google was hit with a 2.1-billion-euro ($2.3 billion) lawsuit by 32 media groups including Axel Springer and Schibsted on Wednesday, alleging that they had suffered losses due to the company's practices in digital advertising.

Shares of the Mountain View, California-based company fell more than 2%.

The move by the group — which include publishers in Austria, Belgium, Bulgaria, the Czech Republic, Denmark, Finland, Hungary, Luxembourg, the Netherlands, Norway, Poland, Spain and Sweden — comes as antitrust regulators also crack down on Google's ad tech business.

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