Facebook in hot water with FTC

The Federal Trade Commission confirmed Monday it is investigating Facebook for possibly irresponsible privacy practices. Tom Pahl, acting director of the FTC’s Bureau of Consumer Protection, said the agency would try to determine whether the company engaged in “unfair acts” that caused “substantial injury” to consumers. Facebook faces widespread criticism for not protecting user data from Cambridge Analytica, a political firm affiliated with the Trump campaign in 2016. The firm allegedly collected data on Facebook users’ friends without their consent. Facebook said Monday in a statement it is strongly committed to protecting people’s privacy and it would cooperate with the FTC investigation. As of midday Monday, Facebook shares had fallen about 3.75 percent over the past five days.