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Facebook share rebounds after FTC investigation news



Facebook began on Monday with a litany of legal challenges and a falling stock price. At the end of the day, the stocks had made a profit.

The Federal Trade Commission announced Monday morning that it is investigating the privacy practices of Facebook (FB). The announcement lowered the stock by more than 5 percent to a level they had not seen since July 201

7.

Shortly thereafter, a number of privacy groups announced that they have complaints about the use of Facebook data by Cambridge Analytica, a data mining company, including one that has allegedly broken Cambridge's laws against foreign participation in US elections.

Also on Monday, a group of 37 prosecutors made a request to Facebook to explain its privacy practices.

"When we look at what happened to Facebook and Cambridge Analytica, it is our top priority to determine if Facebook is violating its own 'terms of service," said Pennsylvania AG Josh Shapiro, who led the Coalition heads

And lawmakers have asked CEO Mark Zuckerberg to testify before Congress and the Attorney Generals of three states have initiated investigations.

Even with Monday's upswing, Facebook's stock fell more than 15 percent from a high of $ 193 last month.

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<p>  The announcement by the FTC confirmed rumors that a Facebook investigation was in progress, and the agency said in a statement," The FTC is very grave about recent press reports the privacy practices of Facebook. The FTC confirms an open non-public investigation of these practices. "</p>
<p>  Facebook said in a statement on Monday that the company was" heavily engaged "in protecting people's information and that it welcomed the opportunity to answer the FTC's questions 19659002] Facebook had become <span class= Settled in 2011 with the FTC after the agency claimed that the social media giant misled its users by disclosing data that it had promised to be private to get users' permission before they could Disseminate data further than their privacy preferences specified.

When it became known that data mining company Cambridge Analytica was able to obtain 50 million Facebook user data without their consent, data protection groups questioned Facebook came into conflict with the 2011 agreement.

The legal action stemming from the controversy has increased since last week complaint Monday that Cambridge Analytica, m it's seat in the UK, laws regarding foreign participation in US elections broke.

The Associated Press has contributed to this report.

© 2018 CBS Interactive Inc. All Rights Reserved.


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