Ask HN: Competitor putting Google ads against my company name

I have a startup that has been in business for about a year. In the last few days I started to notice that a competitor put some Google ads when you search for my company name (or company domain).

What is worse is that those ads are a bit agressive. Like "the truth about company X" or "why X is a not the best solution for you", all linking to their pages where they try to sell their stuff.

Is that allowed by Google? I couldn't find a way to flag/report those. What would you guys do?

I know it is a good sign that we are growing, but could influence some customers against us by reading it.

*using a thrown away account.

Any help is appreciated...

thanks!