Snap shares closed down 5% on Thursday after the Federal Trade Commission said it would refer a complaint against the company to the Department of Justice.

In a rare move, the FTC issued a statement that revealed it referred a complaint against Snap to the DOJ, alleging an AI-powered chatbot is harmful to users.

Snap, the owners of social media app Snapchat, has been referred to the Department of Justice because of allegedly causing "risks and harms" to young users

The U.S. Federal Trade Commission said on Thursday it has referred to the Justice Department a complaint against Snap Inc., that alleges its messaging app Snapchat used an artificial intelligence chatbot that harmed young users.

On January 8, the FTC finalized an order requiring a tax preparation company to implement the terms of a settlement and mandating the company pay

Despite these legal challenges, Snap's stock performance has remained a point of interest for investors. The company's shares reached a high of $11.19 on the New York Stock Exchange, indicating continued investor confidence in Snap's future prospects, even in the face of regulatory scrutiny.

The FTC's non-public complaint involves allegations that Snapchat's My AI chatbot poses "risks and harms to young users," the commission said in a statement. FTC commissioner Andrew Ferguson ...

The Federal Trade Commission has referred a complaint against Snap Inc. (NYSE:SNAP) to the Department of Justice, according to a public statement made by the U.S. government agency Thursday. The complaint against the Snapchat parent is connected to the deployment of "My AI" chatbot on the company's platform,

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The announcement comes as Meta continues to face intense regulatory scrutiny and has implemented a range of measures to address concerns.

Nasdaq reported a higher fourth-quarter profit on Wednesday, helped by strong demand for the exchange operator's financial technology products. Net profit attributable to the company, on an adjusted basis,

AI chatbots have changed the way we work, think through problems, and discover information. While Apple Intelligence doesn’t offer