SEC Is Investigating How Amazon Disclosed Business Practices

The Wall Street Journal2022-04-07

Federal securities regulators are investigating how Amazon.com Inc. has disclosed some details of its business practices, including how it uses third-party-seller data for its private-label business, ...

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Comments

SHU.tan
2022-04-07
SHU.tan
Looks like a risk
Shank88
2022-04-07
Shank88
Ol nice
Ermmmmmm
2022-04-07
Ermmmmmm
More companies to come ?

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSEC Is Investigating How Amazon Disclosed Business Practices\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-07 15:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/sec-is-investigating-how-amazon-disclosed-business-practices-11649271819?mod=business_lead_pos3><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Federal securities regulators are investigating how Amazon.com Inc. has disclosed some details of its business practices, including how it uses third-party-seller data for its private-label business, ...</p>\n\n<a href=\"https://www.wsj.com/articles/sec-is-investigating-how-amazon-disclosed-business-practices-11649271819?mod=business_lead_pos3\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AMZN","symbol_name":"亚马逊","start_time":0,"source_url":"https://www.wsj.com/articles/sec-is-investigating-how-amazon-disclosed-business-practices-11649271819?mod=business_lead_pos3","article_id":"1166056355","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1166056355","pubTimestamp":1649316436,"sourceInfo":null,"weMediaInfo":null,"summary":"Federal securities regulators are investigating how Amazon.com Inc. has disclosed some details of it","collect":0,"end_time":0,"defaultTopTitle":"wsj.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"AMZN":"亚马逊"},"translate_title":"美国证券交易委员会正在调查亚马逊是如何披露商业行为的","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMZN":0.9},"content_text":"Federal securities regulators are investigating how Amazon.com Inc. has disclosed some details of its business practices, including how it uses third-party-seller data for its private-label business, according to people familiar with the matter.The Securities and Exchange Commission is probing how the technology giant—the largest U.S. e-commerce retailer and cloud-computing company—handled disclosures of its employees’ use of data from sellers on its e-commerce platform, the people said. The SEC’s enforcement division has asked for emails and communications from several senior Amazon executives, according to one of the people.A spokesman for Amazon declined to comment.In April 2020, a Wall Street Journal investigation, citing internal documents and interviews with former Amazon staffers, found the company’s employees routinely used individual third-party-seller data to develop products for its own brands. A company spokesman denied that such actions were taken, echoing an Amazon lawyer’s congressional testimony a year earlier, saying the company does “not use their individual data when we’re making decisions to launch private brands.”Amazon has since launched an internal investigation of its private-label division but has declined to provide a copy of its report to a congressional committee that earlier investigated Amazon and other technology companies’ size and power, the Journal has reported.Last month, members of the antitrust subcommittee of the House Judiciary Committee referred Amazon and some of its top executives to the Justice Department for potentially obstructing Congress in relation to its cooperation during the probe and disclosure of how its private-label business is run.Regarding the Justice Department referral, an Amazon spokeswoman said, “There’s no factual basis for this, as demonstrated in the huge volume of information we’ve provided over several years of good-faith cooperation with this investigation.”As a result of its 16-month investigation into technology companies including Amazon beginning in 2019, the congressional committee proposed a series of bills aimed at reining in tech giants. One of the measures targets Amazon’s private-label business, seeking to make it unlawful for the company to give its own products preference over those of competitors, or to use sellers’ nonpublic data to compete with them.“It should surprise no one that Amazon continues to mislead the public and investors about its abusive business practices,” Rep. David Cicilline (D., R.I.), chairman of the antitrust subcommittee, said in a statement advocating congressional action against the company. “Congress gave the company every opportunity to come clean, and it refused to do so.”The SEC’s probe has been under way for more than a year, one of the people familiar with the matter said.The agency regulates how public companies communicate with investors. It can bring civil-enforcement actions when it finds that firms misled shareholders or failed to disclose important information in a timely manner. SEC probes sometimes end with the regulator not taking any enforcement action against the business or individuals it investigated.Amazon is under growing scrutiny from federal agencies. The Seattle-based technology giant is also the focus of an antitrust investigation from the Federal Trade Commission, whose chairwoman, Lina Khan, has been a longtime critic of the company and wrote a widely read law-review article while a student at Yale Law School that argued that antitrust law had failed to restrain the company. Last year, Amazon filed a request with the FTC seeking her recusal from any examination of the company’s activities. The agency hasn’t publicly responded to that request.In September, six U.S. senators asked the U.S. Equal Employment Opportunity Commission to investigate allegations that Amazon doesn’t reasonably accommodate pregnant workers at its fulfillment centers. One of the senators, Elizabeth Warren (D., Mass.), has long pushed for a breakup of the company.Overseas, the European Commission, the European Union’s top antitrust regulator, issued a statement of objections against Amazon in 2020, alleging the online retailer broke antitrust rules by using data from third-party sellers to unfairly compete against them. The commission has also opened a separate probe into how Amazon chooses default sellers, whose products are featured more prominently. Both investigations are pending.Earlier this month, Amazon warehouse workers in New York voted to establish the tech giant’s first union in the U.S., a development the company has long sought to prevent. In a speech to building trade-union members on Wednesday, President Biden hailed that outcome, saying, “Amazon, here we come.”Asked about the comment later, White House press secretary Jen Psaki said Mr. Biden wasn’t suggesting that the federal government would play a direct role in labor organizing, but rather was conveying “his longtime support for collective bargaining, for the rights of workers to organize and their decision to do exactly that in this case.”The SEC has brought relatively few enforcement actions against the biggest tech companies. The agency in 2019 alleged that Facebook Inc. misled investors about the risk of misuse of users’ data, presenting the issue as hypothetical when Facebook knew that Cambridge Analytica, a data-analytics firm, had information on millions of Facebook users. Facebook paid $100 million to settle the SEC allegations and didn’t admit or deny wrongdoing.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9012664588,"gmtCreate":1649327605424,"gmtModify":1676534492030,"author":{"id":"4103524980863780","authorId":"4103524980863780","name":"SHU.tan","avatar":"https://community-static.tradeup.com/news/a0a364343af95e235acc60c6e0cf7d7c","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":0},"htmlText":"Looks like a risk","listText":"Looks like a risk","text":"Looks like a risk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012664588","repostId":1166056355,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9012638554,"gmtCreate":1649320551713,"gmtModify":1676534491206,"author":{"id":"3555541900193425","authorId":"3555541900193425","name":"Shank88","avatar":"https://static.tigerbbs.com/a154c05a17a8a27be584e08972979b04","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Ol nice","listText":"Ol nice","text":"Ol nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012638554","repostId":1166056355,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9012694881,"gmtCreate":1649319558154,"gmtModify":1676534491043,"author":{"id":"4087557783698070","authorId":"4087557783698070","name":"Ermmmmmm","avatar":"https://static.tigerbbs.com/b89bbeb73fe9212f0b5efc7185ae8a51","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"More companies to come ?","listText":"More companies to come ?","text":"More companies to come ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012694881","repostId":1166056355,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":44,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1166056355"}