LOS ANGELES (CBSLA/AP) — Facebook shares slumped Monday after the Federal Trade Commission confirmed an investigation of the social media giant.

The Federal Trade Commission is investigating Facebook’s privacy practices following a week of privacy scandals including whether the company engaged in “unfair acts” that cause “substantial injury” to consumers.

“The FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook,” the agency said in a statement.

Facebook’s stock, which already took a big hit last week, plunged as a result.

Facebook said in a statement on Monday that the company remains “strongly committed” to protecting people’s information and that it welcomes the opportunity to answer the FTC’s questions.

News outlets have reported on the FTC investigation last week, but the FTC hadn’t confirmed it until Monday. Facebook reached a settlement with the FTC in 2011 offering privacy assurances.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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