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> otherwise all our reviews are removed (by which I mean all our positive reviews which are all we have) and are replaced by negative / fake reviews.

Did they tell you this outright?

They don't hide the fact that they're doing it to you; they just market it to you as "75 other reviews that are not currently recommended," etc.

Connect the dots.

Isn't that extortion?

Textbook definition? Sure. Legally? No.

I've seen them do things like this to local businesses around me. Usually they just delist the company.