The Competition Bureau of Canada imposed a penalty of $6.5 million on Facebook Inc. (FB) on Tuesday after finding out that the social network giant made misleading claims regarding personal data of Facebook and Messenger users based in Canada.
Canada’s competition watchdog claimed that the way FB shared personal information of users with certain third-party developers was not in line with the privacy regulations stated by the company.
In response, a spokesperson at Facebook said while Facebook didn’t agree with the claims made by the Commissioner, but it is settling the matter by inking a consent deal and not going against Canada’s Competition Bureau for the sake of this agreement.
Facebook has widely been targeted by the lawmakers and authorities around the world over privacy management of its huge users’ base. For instance, it decided to pay a hefty $5 billion fine in 2019 to resolve a U.S. FTC data privacy investigation.
FB shares are currently trading around $219. The stock has a 52-week range of $137.10-$224.20, while its market cap stands at $624.323 billion. The average 10-days volume of the stock is 16.339 million. Facebook shares price has jumped about 21 percent over the past year and around 5 percent so far this year.
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