The case, Apple v. Pepper, was brought by iPhone users who complained that the App Store is the only place where iPhone apps are available and that, as a result, Apple has a monopoly on "the iPhone apps aftermarket".
They argue that users have ended up paying "hundreds of millions of dollars more" for apps 'than they would have paid in a competitive market'.
Justice Neil Gorsuch, writing for the Court's conservative dissenters, argued that the majority relied on "convoluted pass-on theories" in which damages to the consumer that are actually inflicted by the app developers can be passed on to a third party, namely Apple.
The court's decision did not make any ruling on the merits of the case.
Shares hovered around $187 a share, down 5%, in mid-morning trading.
Dailymail.com has reached out to Apple for comment on the court's decision.
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This meant, for example, a consumer could sue a retailer, but not a wholesaler or a manufacturer of a product.
"Apple's line-drawing does not make a lot of sense, other than as a way to gerrymander Apple out of this and similar lawsuits", Justice Brett Kavanaugh wrote.
An organization representing other tech giants, including Amazon, Facebook and Google, filed legal briefs in Apple's defense, telling the Supreme Court that a decision allowing the lawsuit to proceed would put "these platform services... under threat".
Apple's iOS 13 mobile operating system may not support older iPhone models such as the iPhone 5s, iPhone SE, iPhone 6, and the iPhone 6 Plus. If Apple is found to be a monopolist they may have to refund billions to consumers or may even be forced to open up the iPhone to alternate app stores. "The plaintiffs purchased apps directly from Apple and therefore are direct purchasers".
If a new report is anything to go by, Apple is getting ready to abandon a series of older iPhones with the release of iOS 13 the next September. So leaving new customers without software support after only a few months since they purchased their devices could lead to more frustration among buyers. A judge could triple the compensation to consumers under antitrust law if Apple ultimately loses the suit.