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Federal Trade Commission confirms investigation of Facebook, company shares plunge

File - In this April 4, 2013 file photo, Facebook CEO Mark Zuckerberg walks at the company's headquarters in Menlo Park, Calif. Facebook is having one of its worst weeks as a publicly traded company with a share sell-off continuing for a second day. Britain's Commissioner Elizabeth Denham told the BBC that she was investigating Facebook and has asked the company not to pursue its own audit of Cambridge Analytica's data use. Denham is also pursuing a warrant to search Cambridge Analytica's servers. (AP Photo/Marcio Jose Sanchez, File)

WASHINGTON (AP) - The Federal Trade Commission has confirmed it has launched an investigation into Facebook. Monday morning Facebook shares plunged on the stock market.

The agency 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.

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.


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