Running a business and achieving a desired level of success takes hard work and dedication. Because you have poured so much of your time and effort into your company, you certainly do not want rival companies taking shortcuts to undermine your success. Unfortunately, some competitors do take unscrupulous actions in attempts to get ahead.
In some cases, other businesses may create unfair competition. With such a scenario, a rival business may present dishonest information or carry out fraudulent acts in efforts to surpass your company. While all attempts at beating out a competitor do not fall into the category of unfair competition, some companies may carry out deceptive trade practices.
What are deceptive trade practices?
Unfortunately, a rival company could participate in a number of actions that constitute deceptive trade practices and unfair competition. Some of those actions include these examples:
- Stealing your company’s trade secrets and using them for their company’s gain
- Infringing on a trademark held by you or your company, such as using your trademarked company logo or one similar in order to confuse consumers
- Advertising a high-demand product for a low price, telling consumers the product is sold out and then selling a similar product at a higher price, also known as a bait-and-switch tactic
- Advertising a high-quality product but providing a low-quality version after consumers have purchased it
- Advertising false information to make a product more appealing
- Making up rumors about your business in efforts to turn consumers against your company
- Selling a product below market rate in efforts to take business away from your company
Of course, other types of deceptive trade practices also exist. Still, if your company suffers damages as a result of a rival company’s unfair competition, you may have reason to take legal action.
What can you do?
If you believe that a competitor has intentionally restricted your company’s revenue through deceptive trade practices, you may want to consider your legal options. Filing a business lawsuit may help you pursue compensation for damages resulting from the unfair competition. If your business has not landed in such a situation before, you may not know exactly what steps to take in order to move forward effectively.
You could work with an experienced attorney who can explain how such cases are handled and provide insight into your particular predicament. This information may help you determine your best courses of action for rectifying the situation.