US Stock Movement | Amazon Drops Over 2% After Being Accused by FTC of Inducing Users to Subscribe to Prime Membership
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On Tuesday, Amazon's stock price fell, dropping over 2% to $222.61 as of the time of publication. In terms of news, the company and three executives (Senior Vice President Neil Lindsay, Russell Grandinetti, and Vice President Jamil Ghani) are facing a civil lawsuit filed by the Federal Trade Commission (FTC) in a Seattle court, accusing them of inducing users to subscribe to Prime membership and deliberately setting up complex processes to make cancellation difficult. The case entered the jury trial phase on Monday and is expected to last four weeks. If found guilty, Amazon could face billions of dollars in fines and refunds
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