Jul 2, 2018

Report: Federal probe of Facebook involves SEC

Facebook CEO Mark Zuckerberg. Photo: Josh Edelson/AFP/Getty Images

The federal government's investigation of Facebook's misuse of user information with the data company Cambridge Analytica, already underway at both the Department of Justice and the Federal Trade Commission, also involves the Securities and Exchange Commission, according to the Washington Post.

Why it matters: Although the Post story does not specify the SEC's focus, the commission could be looking at whether Facebook improperly withheld information from investors about its relationship with Cambridge Analytica.

Line of inquiry: The Post says the inquiry by the government is looking at "what Facebook has reported publicly about its sharing of information with Cambridge Analytica, whether those representations square with the underlying facts and whether Facebook made sufficiently complete and timely disclosures to the public and investors."

What Facebook is saying: Facebook confirmed that all four agencies (Justice Department, FTC, SEC, and also the FBI) have asked questions. "We are cooperating with officials in the U.S., U.K. and beyond. We’ve provided public testimony, answered questions, and pledged to continue our assistance as their work continues," said a spokesperson.

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Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

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