11:12 AM EDT, 09/16/2025 (MT Newswires) -- (Updates with Google's ( GOOG ) response in the fourth paragraph and the latest stock movement in the fifth paragraph.)

Magnite ( MGNI ) said Tuesday that it has filed a lawsuit against Alphabet's (GOOG, GOOGL) Google ( GOOG ) in Virginia and is seeking monetary damages for alleged "unlawful monopoly" in ad tech.

The advertising company said in the lawsuit that Google's ( GOOG ) business of open-web display advertising has hampered growth and innovation in the sector for over 10 years, and that the tech giant's strategies "directly harmed" Magnite's ( MGNI ) operations, and it continues to face the consequences.

The Federal District Court for the District of Columbia has recently ruled in a separate case that Google ( GOOG ) "illegally" retained its search engine monopoly for about 20 years due to anticompetitive distribution deals, Magnite ( MGNI ) said in the lawsuit.

A Google ( GOOG ) spokesperson told MT Newswires in an email that the allegations are "meritless" as advertisers and publishers opt for Google's ( GOOG ) ad tech services because they are "effective, affordable and easy to use."

Magnite's ( MGNI ) stock was down 5.7% in recent Tuesday trading, while Alphabet's shares edged 0.3% lower.

Price: 22.37, Change: -1.37, Percent Change: -5.75