Facebook has settled a privacy complaint at the Federal Trade Commission that the company deceived consumers by making consumer information more public, according to an announcement by the FTC, Cecilia Kang writes in Washington Post.
According to a Tuesday release, the FTC said Facebook has agreed to get consumers’ approval before it changes the way it shares their data and will have to undergo periodic audits of their privacy practices for the next 20 years.
The announcement comes as Facebook reportedly is preparing an initial public offering in the second quarter of next year. Privacy scrutiny by federal enforcement officials has weighed on the company’s business prospects, analysts say, and the settlement will clear the way for the stock offering.
