Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL) shares fell as the company got in trouble following Petmed Express Inc's (NASDAQ:PETS) Tramadol ads. The tech giant announced that it would be removing its Tramadol ads from Petmed over allegations that the painkiller was being marketed to humans.
PETS stock fell 0.9% Thursday, while GOOG shares fell 0.5% and GOOGL shares also slumped 0.5% on the news.
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Alphabet Inc (NASDAQ: GOOG, NASDAQ: GOOGL ) shares fell as the company got in trouble following Petmed Express Inc’s (NASDAQ: PETS ) Tramadol ads.
Petmed has reached out to Google regarding the company’s decision to remove the ads, but the Silicon Valley company has yet to respond for comment.
Private equity firm Aurelius Value responded negatively to the news, claiming Google was “turning a bling eye” to its ad data. The firm responded by cutting the company’s stock’s price target.
Google is likely trying to distance itself from being a part of the growing opioid epidemic that has hit the nation in recent years. The tech giant announced that it would be removing its Tramadol ads from Petmed over allegations that the painkiller was being marketed to humans.
The firm also noted that the opioid epidemic killed 33,091 people in 2015, resulting in about one overdose every 15 minutes. “ can’t claim to be a good online marketer and not know what is going on” with the Tramadol ads, Aurelius Value wrote in its note.
Words such as “opiate pills to get you high” were used in the ads. Tramadol ads used some words that some believe implied were designed for humans, plus they weren’t necessarily being advertised for people who needed the painkiller.
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Compositions and methods for overcoming resistance to tramadol. EP 2729134 B1. Abstract available in. Images(20). Patent Drawing. Previous page. Next page. Description available in English. Claims(13) available in English. Classifications.