Investor Alert


Federal Trade Commission

3:00 a.m. Sept. 3, 2021 - By Tomi Kilgore
Invitation Homes receives FTC request for information on how it conducts business during COVID-19 pandemicShares of Invitation Homes Inc. were indicated down more than 1% in premarket trading, after the single-family home leasing company disclosed that it received a letter from the Federal Trade Commission requesting information. The company said the FTC is looking into how it conducts its business generally, and specifically during the COVID-19 pandemic. Invitation Homes said it is cooperating with the FTC's request. Separately, the company said the August rental growth rate for renewals was 8.0%, after growth of 7.0% in July and 3.3% in the same month a year ago, while new leases increased 18.9% in August after growing 17.5% in July and rising 5.6% a year ago. Average occupancy was 98.1% in August, up from 97.8% a year ago. The company said it plans to continue to provide residents experiencing financial hardship with information on how to apply for government assistance programs. Shares of the company, which had a market capitalization of $24.48 billion at Thursday's closing prices, have run up 47.4% over the past 12 months, while the S&P 500 has advanced 31.3%.
12:14 p.m. Sept. 1, 2021 - By Robert Schroeder
FTC bans SpyFone from surveillance business The Federal Trade Commission on Wednesday said it has banned SpyFone and its chief executive, Scott Zuckerman, from the surveillance business. The bans come in the wake of allegations that the stalkerware app company "secretly harvested and shared data on people's physical movements, phone use, and online activities through a hidden device hack," . The agency said this is the second case it has brought against stalkerware apps, and the first where it is obtaining a ban.
9:55 a.m. Aug. 19, 2021 - By Tomi Kilgore
Illumina's stock suffering biggest selloff in a year after warning of fines for closing GRAIL merger too soonShares of Illumina Inc. tumbled 9.8% in afternoon trading Thursday, enough to pace the S&P 500's decliners, after the life sciences tools disclosed that it is likely to be fined for completing its acquisition of GRAIL Inc. while the European Commission was still reviewing the merger. The stock was headed for the biggest one-day drop since the 10.9% plunge on Aug. 7, 2020 after . Illumina said late Wednesday that it completed the GRAIL merger, which was . In an late Wednesday, the company said its decision to proceed with the completion of the acquisition "during the pendency of the European Commission's review," the EC was likely to seek to impose a fine of up to 10% of Illumina's consolidated annual turnover. The company said the EC, as well as the U.S. Federal Trade Commission and other regulatory authorities, may seek other fines, but it plans to "vigorously defend" against any fines. Illumina's stock has still gained 19.1% over the past three months while the S&P 500 has tacked on 7.0%.
8:22 a.m. Aug. 11, 2021 - By Ciara Linnane
Fleetcor shares slide 2.3% as FTC files new complaint alleging company fleeced customers out of millions using fuel cardsThe Federal Trade Commission said Wednesday it has filed an administrative complaint against Fleetcor Technologies Inc. and its Chief Executive Ronald Clarke, for charging customers hundreds of millions of dollars in "mystery fees" related to fuel cards. FleetCor, marketing under the "Fuelman" brand name and through co-branded cards with businesses around the country, "falsely told its business customers that they would save money, be protected from unauthorized charges, and have no set-up, transaction, or membership fees. In reality, according to FleetCor's own records, customers generally have not achieved the advertised per-gallon savings by using FleetCor's cards," the agency said in a statement. The FTC filed suit against Fleetcor in December of 2019 in a federal court with the same set of charges. However, in a ruling earlier in 2021, the Supreme Court ruled that the FTC was not able to seek redress for customers under section 13(b) of the FTC Act. The agency is now seeking such redress by filing the new complaint which alleges the company breached section 5 of the FTC Act. "FleetCor fleeced its customers out of hundreds of millions of dollars through its dishonest practices," said Samuel Levine, acting director of the FTC's Bureau of Consumer Protection. Fleetcor shares were down 2.3% and have lost 5.7% in the year to date, while the S&P 500 has gained 18%.
12:09 p.m. June 15, 2021 - By Victor Reklaitis
Big Tech critic Lina Khan to chair FTC: reportsLina Khan, a critic of Big Tech companies, is expected to chair the Federal Trade Commission, according to multiple published reports. The 32-year-old Khan, who was , currently teaches at Columbia Law School and is well known for a paper on Amazon.com Inc. and antitrust. Democratic Sen. Elizabeth Warren of Massachusetts praised the news , saying: "With Chair Khan at the helm, we have a huge opportunity to make big, structural change by reviving antitrust enforcement and fighting monopolies that threaten our economy, our society, and our democracy."
8:50 a.m. June 15, 2021 - By Robert Schroeder
Big Tech critic Lina Khan confirmed to Federal Trade Commission by SenateThe Senate on Tuesday confirmed Lina Khan, a critic of Big Tech companies, to the Federal Trade Commission in a 69-28 vote. The 32-year-old Khan currently teaches at Columbia Law School and is well known for a paper on Amazon.com Inc. and antitrust. In her confirmation hearing in April, Khan signaled she would toward tech giants.
5:46 a.m. June 1, 2021 - By Jillian Berman
‘If it got too successful it would be destroyed’: Remembering the Tulsa massacre, when a white mob destroyed ‘Black Wall Street’ 100 years ago In roughly 24 hours, the mob destroyed an estimated $1.47 million — or more than $20 million in today’s dollars — of Black-owned homes and businessesIn roughly 24 hours, the mob destroyed an estimated $1.47 million — or more than $20 million in today’s dollars — of Black-owned homes and businesses.
7:50 a.m. April 27, 2021 - By Victor Reklaitis
All of President Biden’s key executive orders — in one chart Memorandums, proclamations, other executive actions also deployed Memorandums, proclamations, other executive actions also deployed As people and markets around the world adjust to having Joe Biden as U.S. president, a key factor is what the veteran Democratic politician aims to accomplish without having to work with Congress.
11:32 a.m. March 22, 2021 - By Robert Schroeder
Biden to nominate antitrust expert Lina Khan as FTC commissionerPresident Joe Biden announced Monday he'll nominate Lina Khan as a commissioner of the Federal Trade Commission. Khan is currently an associate professor at Columbia Law School, specializing in antitrust, infrastructure industries law and the antimonopoly tradition, the White House said. Khan previously advised the U.S. House Judiciary Committee's antitrust subcommittee.
11:56 a.m. Feb. 22, 2021 - By Chris Matthews
Senate panel to hold nomination hearings for SEC, CFPB heads on March 2The Senate Committee on Banking, Housing and Urban Affairs announced Monday that it will hold nomination hearings for President Joe Biden's picks to lead the Securities and Exchange Commission and the Consumer Financial Protection Bureau on March 2 at 10 a.m. Eastern Time. Biden nominated former Commodity Futures Trading Commission Chairman Gary Gensler to lead the SEC and current Federal Trade Commissioner Rohit Chopra to lead the CFPB. If confirmed, Chopra would leave his FTC post.
12:32 p.m. Feb. 12, 2021 - By Elisabeth Buchwald
A majority in the U.S. personally know somebody who has been vaccinated against COVID-19 and watch out for these key dates Friday’s top personal finance stories Friday’s top personal finance storiesFriday’s top personal finance stories
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
1:17 p.m. Dec. 11, 2020 - By Meera Jagannathan
Students locked into ‘unforgiving’ rents amid college confusion, and does COVID-19 have the power to revolutionize work? This economist says yes Friday’s top personal finance stories Friday’s top personal finance storiesFriday’s top personal finance stories
8:03 a.m. Dec. 2, 2020 - By Sean Pyles
What you should know about new rules affecting debt collectors Know your rights—why some consumer advocates are concernedConsumer advocates say revisions the Fair Debt Collection Practices Act don’t go far enough or could have unintended consequences.
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.
4:15 a.m. Nov. 12, 2020 - By Tomi Kilgore
Altria to convert its non-voting JUUL shares to voting shares, but will remain a 'passive investor'Altria Group Inc. said it has chosen to convert the non-voting shares of e-cigarette company JUUL Labs Inc. it owns to voting shares. Altria said, however, that it does not intend to exercise its rights as part of the conversion to elect directors to JUUL's board, or to use its voting power other than as a "passive investor," pending the outcome of litigation with the U.S. Federal Trade Commission. In December 2018, for $12.8 billon, with conversion to voting shares contingent on antitrust clearance. In April 2020, . Altria's stock, which slipped 0.4% in premarket trading, has dropped 20.3% year to date, while the SPDR Consumer Staples Select Sector ETF has gained 6.1% and the S&P 500 has advanced 10.6%.
2:45 a.m. Oct. 19, 2020 - By Ciara Linnane
Earnings season is highlighting the uneven playing field in the year of the pandemic ‘The equity market is showing a lot of optimism, but below the surface, there’s an ocean of companies that are dealing with a crisis,’ says CEO of Rapid RatingsThe U.S. third-quarter corporate earnings reporting season will kick off this week and the numbers will reflect a second quarter dominated by the coronavirus pandemic that has created an uneven playing field in which some companies thrive, while others shrink and fade.
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.
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