Well, it's usually consumer protection associations who take action there. Direct competitors are entitled to file improper competition as well, but we probably have neither the time nor would we want to waste money on taking action against a U.S. company in Europe
Btw, "raising" the price only to offer a discount is also illegal. Naming a regular price of $59.90 just to offer a rebate, while it obviously is only $29.95, is improper as well.
And bad advertising... just a week ago I received spam from PC Tools... many are currently stepping slightly over borders I'm afraid