Investor Alert


Federal Trade Commission

8:58 a.m. Feb. 4, 2021 - By Jon Swartz
Sen. Klobuchar introduces antitrust bill that would challenge big tech mergersSen. Amy Klobuchar (D., Minn.) on Thursday introduced a bill that would make it easier for the Justice Department and Federal Trade Commission to challenge tech mergers while also giving both agencies more money for staff. An aide for the newly-named chair of the Antitrust Subcommittee said the legislation won't single out big tech companies like Apple Inc. , Alphabet Inc. , Amazon.com Inc. and Facebook Inc. already under investigation for their business practices. Every deal will be subject to the new standard, which conceivably would impact the entire tech industry.
6:20 a.m. Feb. 2, 2021 - By Tomi Kilgore
Amazon to pay $61.7 million to settle FTC charges that it didn't pay Flex drivers all their tipsAmazon.com Inc. agreed to pay more than $61.7 million to settle charges by the Federal Trade Commission, which alleges the ecommerce giant failed to pay Amazon Flex drivers the full amount of tips received over a 2 1/2-year period. The FTC said Amazon only stopped its behavior after the company became aware of an investigation in 2019. "Rather than passing along 100% of customers' tips to drivers, as it had promised to do, Amazon used the money itself," said Daniel Kaufman, Acting Director of the FTC's Bureau of Consumer Protection. "Our action today returns to drivers the tens of millions of dollars in tips that Amazon misappropriated, and requires Amazon to get drivers' permission before changing its treatment of tips in the future." Amazon's stock rose 1.7% in morning trading, while the S&P 500 gained 1.6%.
6:51 a.m. Dec. 27, 2020 - By Quentin Fottrell
My aunt stole my mother’s Social Security, and persuaded my elderly father to sign over power of attorney ‘My father was recently very sick and in the hospital, and he was not in his right mind’‘My father was recently very sick and in the hospital, and he was not in his right mind.’
6:57 a.m. Dec. 19, 2020 - By Paul Brandus
Watch out for these pandemic and holiday scams Bad guys don’t take a holidayBad guys don’t take a holiday
8:54 a.m. Nov. 13, 2020 - By Jon Swartz
FTC chairman warns of antitrust threat as Facebook braces for actionIn a speech that could foreshadow antitrust action against Facebook, Federal Trade Commission Chairman Joe Simons warned Thursday that antitrust regulators should be concerned about dominant companies scooping up startups that are competitive threats. "A monopolist can squash a nascent competitor by buying it, not just by targeting it with anti-competitive actions," Simons said at an American Bar Association conference. "It may be easier and more effective to buy the nascent threat, only if to keep it out of the hands of others." Facebook has been criticized for its acquisitions of Instagram and WhatsApp in building its market influence, according to legal experts and privacy advocates.
4:53 a.m. Oct. 17, 2020 - By Jonathan Burton
Jim Steyer: Only a breakup of Facebook and controls on social media can reduce disinformation and lies on the internet Neither Big Tech’s response nor the law have been strong enough to shield users from harm, says the founder of Common Sense MediaNeither Big Tech’s internal response nor the law have been strong enough to shield users from harm, says the founder of Common Sense Media.
4:48 a.m. Oct. 10, 2020 - By Jon Swartz
If the Democrats win the Senate, Big Tech better be ready for a bigger fight Senators set to become leaders under a Democrat majority have sought to establish new antitrust law, break up tech companies Democratic senators have signaled a willingness to make substantial changes to antitrust law and advocate breakups of the largest American tech companies, including campaigning for president on the issue. If the party can flip four seats, those same senators — such as Amy Klobuchar of Minnesota and Elizabeth Warren of Massachusetts — could be in position to act against some of their favorite targets, including Facebook Inc. and Google parent Alphabet Inc.
1:21 p.m. Oct. 1, 2020 - By Jon Swartz
Here’s where Biden and Trump stand on antitrust, social media and other tech issues No matter who wins the presidential race, expect Big Tech to continue to be a target for Republicans and Democrats alikePresident Donald J. Trump and former Vice President Joseph R. Biden Jr. don’t agree on many issues, but they do share a wariness toward Big Tech that should maintain or even escalate antitrust scrutiny of the largest U.S. tech companies no matter who wins on Nov. 3.
10:11 a.m. Oct. 1, 2020 - Associated Press
Senate committee set to subpoena Facebook’s Zuckerberg, Twitter’s Dorsey, Google’s Pichai Hate speech, misinformation and perceived political bias on the internet platforms to be topics explored in testimony by Silicon Valley titansHate speech, misinformation and perceived political bias on the internet platforms to be topics explored in testimony by tech titans.
4:02 p.m. Sept. 15, 2020 - By Jon Swartz
Sacha Baron Cohen, Kim Kardashian West and other celebrities have declared open season on Facebook Sacha Baron Cohen and his celebrity brethren have a bone to pick with Facebook Inc. over misinformation and hate on its sprawling digital platforms.Sacha Baron Cohen and his celebrity brethren have a bone to pick with Facebook Inc. over misinformation and hate on its sprawling digital platforms.
3:43 p.m. Sept. 15, 2020 - By Jeremy C. Owens
Facebook stock falls after report of potential for FTC antitrust lawsuit this yearFacebook Inc. shares fell 3% in after-hours trading Tuesday after a report that the Federal Trade Commission is preparing to file an antitrust lawsuit against the social-media giant. that the FTC is considering filing the suit by the end of the year, based on unnamed sources. The Journal reported that Facebook Chief Executive Mark Zuckerberg has testified to FTC staff in the investigation, which the Journal noted could still end without charges as the five-member commission has to vote on filing the lawsuit. Facebook with the Securities and Exchange Commission that it is under investigation by the FTC and the Justice Department for potential antitrust charges. Facebook stock closed Tuesday with a 2.4% gain at $272.42, then ducked lower than $265 in after-hours trades following the release of the report.
3:35 p.m. Sept. 15, 2020 - By Brent Kendall
FTC antitrust suit against Facebook could come by year’s end Government preparing possible lawsuit after investigation into whether social-media giant stifles competitionThe Federal Trade Commission is preparing a possible antitrust lawsuit against Facebook Inc. that it could file by the end of the year, according to people familiar with the matter, in a case that would challenge the company’s dominant position in social media.
4:19 a.m. Sept. 12, 2020 - By Jon Swartz
Big Tech is turning on one another amid antitrust probes and litigation Facebook and Microsoft are mad at Apple, Google and Amazon are being targeted by high-profile tech execs, and everybody wonders why Microsoft is avoiding any scrutiny“Battle royale” evokes images of professional wrestlers engaged in a free-for-all brawl in which combatants eventually turn on one another until there is an eventual winner. With apologies to Hulk Hogan and Andre the Giant, Big Tech is taking on the same trappings as companies turn on one another amid multiple antitrust investigations and issues.
6:27 p.m. Sept. 4, 2020 - By Jon Swartz
Facing immense pressure, Facebook had no choice but to ban new political ads week before electionFacebook Inc.’s first action to limit political advertising in the U.S. with a ban of news ads in the week preceding the Nov. 3 elections comes amid unrelenting criticism that its platform fuels misinformation and is a haven for far-right groups.
6:48 a.m. Aug. 28, 2020 - By Leslie Albrecht
These ‘We Build the Wall’ donors say they aren’t victims of fraud: ‘I hope I get to donate again’ Federal prosecutors allege that former Trump adviser Steve Bannon and other leaders of the online fundraising campaign duped donors and took more than $1 million in donation money for their own useFederal prosecutors allege that former Trump adviser Steve Bannon and other leaders of the online fundraising campaign duped donors and took more than $1 million in donation money for their own use.
5:27 a.m. Aug. 22, 2020 - By Jon Swartz
Will videogames be the Achilles heel for Apple, Google in antitrust investigations? As gaming has grown in stature during the pandemic, it has highlighted the extraordinary grip Big Tech has over the everyday lives of Americans. So much so, it just might lead to breakthroughs in antitrust investigations“This is an inflection point, and the start of a long-running debate on how these platforms push us right to the edge of what we are willing to pay,” James Currier, managing partner at NFX, a Silicon-Valley-based venture capital firm.
6:51 a.m. Aug. 18, 2020 - By Jon Swartz
‘Fortnite’s’ impact could be Epic on antitrust investigations of Big TechPrivately held Epic could prove to be Apple’s most dangerous antagonist, both financially and symbolically.
8:33 a.m. Aug. 15, 2020 - By Andrew Keshner
If you didn’t get a $500 stimulus check for your child, it should be coming soon The IRS is correcting oversights due to a programming error — but a watchdog is complaining some will still have to wait The IRS is correcting oversights due to a programming error — but a watchdog is complaining some will still have to wait.
9:20 a.m. Aug. 4, 2020 - By Jon Swartz
Antitrust questions bruise but don’t break Big Tech CEOs in historic hearing After three hours of questions, expert calls hearing ‘a mix of antitrust ambush and political grandstanding’It was a bruising day tech’s biggest names on Capitol Hill.
4:21 a.m. July 30, 2020 - By Therese Poletti
Big Tech painted as the railroad barons of the digital age in antitrust hearing Alphabet receives the most vitriol, but Apple, Amazon and Facebook don’t escape unscathed as we await the next moveFor the most part — if you could tune out the political grandstanding that had nothing to do with antirust — the Congressional hearing on Big Tech gave many pointed examples of how four of the biggest tech companies in the U.S. abuse their dominant power and thwart competition.
1:01 a.m. July 30, 2020 - By Erin Hurd
New spins on old credit card scams: What they are and how to avoid them Protect your identity and money—scammers are always lurking and ready to strikeKnowing how the most common scams work and how to avoid falling for them can keep your money and your identity safe.
4:19 a.m. July 29, 2020 - By Jon Swartz
Congress has a million-plus documents from Big Tech antitrust investigation, and are ready to grill big-name CEOs Bezos, Cook, Pichai and Zuckerberg will testify remotely Wednesday before House antitrust panelFor more than a year, the federal government has circled Big Tech and its business practices. On Wednesday, members of the House of Representatives will roll out evidence their staffs have found and put pressure directly on some of the most prominent executives in the world.
2:23 p.m. July 22, 2020 - By Jon Swartz
Slack’s anticompetitive claim vs. Microsoft says the software giant feels ‘threatened’“All we want is fair competition,” said Slack general counsel David Schellhase, who is asking the EC to “referee.” “Slack threatens Microsoft’s hold on business email, the cornerstone of Office, which means Slack threatens Microsoft’s lock on enterprise software.”
1:05 p.m. July 17, 2020 - By Jon Swartz
Facebook execs Zuckerberg, Sandberg could be deposed by FTC in antitrust probe: reportFacebook Inc. Chief Executive Mark Zuckerberg and Chief Operating Officer Sheryl Sandberg could be deposed for sworn legal testimony by the Federal Trade Commission as part of a year-long probe into the company's business practices, and whether the social-networking giant engaged in unlawful monopolistic practices, according to a report in the Wall Street Journal late Friday. Zuckerberg is scheduled to testify before a Congressional antitrust subcommittee, along with the CEOs of Apple Inc. , Amazon.com Inc. , and Google parent Alphabet Inc. , on July 27. All four companies are the subjects of investigations by the federal government into their business practices. Facebook shares are flat in extended trading Friday.
7:33 a.m. July 14, 2020 - By Jon Swartz
Big Tech’s latest reckoning is coming as it continues to rack up record valuationsThe steep ascent of Big Tech, which is fueling a resurgent stock market despite a deepening pandemic, underscores the enduring power of the industry as consumption of it escalates in a work-from-home economy.
2:30 p.m. July 1, 2020 - By Jon Swartz
CEOs of Alphabet, Amazon, Apple and Facebook to testify before Congress in late July: reportThe chief executives of Google parent Alphabet Inc. , Amazon.com Inc. , Apple Inc. , and Facebook Inc. have agreed to testify before Congress on antitrust issues in late July, Rep. David Cicilline, D-R.I., chairman of the House Judiciary Antitrust Subcommittee, told tech journalist Kara Swisher late Wednesday. The office of Rep. Jerry Nadler, D-N.Y., confirmed the hearing with NBC News. Cicilline's office was not immediately available for comment. Amazon has previously said it would make CEO Jeff Bezos available to testify this summer. Facebook declined comment. Alphabet and Apple were not immediately available for comment. The four companies are the subject of investigations by the Department of Justice and Federal Trade Commission into their business practices and the substantial clout they wield over the tech industry and the economy.
8:21 a.m. July 1, 2020 - By Ciara Linnane
FTC sees record 34,000 complaints about online shopping items that are not delivered during pandemic The Federal Trade Commission said Wednesday it received a record number of complaints in April and May about online shopping, most of which concerned items that were ordered but never delivered. The agency said it received 34,000 complaints in April and May, and the May number alone was greater than the number received in December of 2019, the last big holiday shopping season. The most common items to fail to show up were face masks, followed by hand sanitizer, toilet paper, thermometers, and gloves, all products that are in high demand during the pandemic. "With COVID-19, scammers quickly launched opportunistic websites," the FTC said in a statement. There were also complaints about electronics that failed to show up and even of puppies that were ordered online but never materialized. "Scammers often used pandemic-related pretexts for supposed shipping delays, sometimes - in the puppy scam - even charging extra fees for COVID-related "regulations." Then they just stopped responding. This stalled people who might otherwise have posted negative reviews," said the statement. The FTC advises consumers to confirm a seller's physical address and phone number and to run a quick search of the name, using terms like "scam" and "complaint." Consumers should beware of unfamiliar sites or ones selling items that are in short supply at discounts. Paying with a credit card gives a consumer recourse to challenging a charge if the item does not show up. The Securities and Exchange Commission linked to the coronavirus pandemic, and to carefully consider claims relating to treatments, therapies and equipment that promise big investor returns.
7:16 p.m. June 16, 2020 - By Mike Murphy
Apple faces new complaints from app makers as EU launches antitrust probes Match Group and makers of Hey email app speak out against what they call unfair practicesApple Inc. is facing fresh complaints about the 30% cut it takes from App Store purchases, as European regulators launch two antitrust investigations into the tech giant.
8:27 a.m. June 13, 2020 - By Andrew Keshner
What to do if someone else is fraudulently claiming your unemployment benefits A record number of Americans have applied for unemployment benefits, and ‘imposter fraud’ is affecting tens of thousands of people, federal authorities sayA record number of Americans have applied for unemployment benefits, and ‘imposter fraud’ is affecting tens of thousands of people, federal authorities say.
12:29 p.m. June 12, 2020 - By Jon Swartz
Amazon is being investigated in California for business practices: reportAmazon.com Inc.'s business practices are being investigated as part of an inquiry by California authorities, according to a Wall Street Journal Friday. The report, citing people familiar with the matter, says the state is examining how Amazon treats sellers in its online marketplace, including the company's practices for selling its own products in competition with third-party sellers. Amazon was not immediately available for comment. The reported inquiry comes as Amazon faces antitrust scrutiny from the Federal Trade Commission and European Union. Amazon shares declined 0.5% in trading Friday.
10:36 a.m. May 29, 2020 - By Jonathan Nicholson
Facebook gets likes from House Republicans, while Twitter is Democrats’ preference in social-media fracas Pelosi and McCarthy opposing different sides as Trump signs executive order aimed at social-media companiesThe deeply divided House of Representatives chose different social-media giants to support, with Republicans backing Facebook and Democrats siding with Twitter.
8:10 p.m. May 27, 2020 - By Jon Swartz
Trump to sign executive order on social-media companies on Thursday Unclear what order will entail, or what effect it will havePresident Donald Trump is poised to sign an executive order on social media companies Thursday, escalating his war on Twitter Inc., although it remains unclear what it will entail. A White House spokesperson confirmed the order late Wednesday, a day after Twitter issued its first fact-checking warning label to some of his tweets.
11:50 a.m. May 27, 2020 - By Victor Reklaitis
Here’s how Twitter has lobbied on free-speech issues as Trump threatens companyTwitter and President Trump are generating headlines over a dispute tied to social networks’ attempts to moderate what users post, but it’s hardly the first time the company has tangled with Washington over free-speech issues.
5:22 a.m. May 16, 2020 - By Jon Swartz
Justice Department, state attorneys general poised to hit Google with antitrust lawsuits: report Alphabet shares drop 2% in extended trading after report that antitrust charges are likely and could arrive as soon as summerThe Justice Department and a group of state attorneys general are poised to file antitrust lawsuits against Alphabet Inc.’s Google as soon as this summer, according to a Wall Street Journal report that published Friday afternoon and cited people familiar with the matter.
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