FTC Confirms Investigation of Facebook

March 26, 2018 - 11:16 am

NEW YORK (1010 WINS/AP) -- The Federal Trade Commission is investigating Facebook's privacy practices following a week of privacy scandals including whether the company engaged in "unfair acts'' that cause "substantial injury'' to consumers. 
Facebook's stock, which already took a big hit last week, plunged as a result. 
Facebook said in a statement on Monday that the company remains "strongly committed'' to protecting people's information and that it welcomes the opportunity to answer the FTC's questions.

The social media company faced criticism following reports that a data mining company working for the Trump campaign improperly obtained and kept data on tens of millions of users during the 2016 election. 
A former employee of Cambridge Analytica said that the group identified voters who might be swayed and "injected content'' that may or may not be true. 
News outlets have reported on the FTC investigation last week, but the FTC hadn't confirmed it until Monday.

Facebook reached a settlement with the FTC in 2011 offering privacy assurances.