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

Facebooks 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 peoples information and that it welcomes the opportunity to answer the FTCs questions.

News outlets have reported on the FTC investigation last week, but the FTC hadnt confirmed it until Monday.

Facebook reached a settlement with the FTC in 2011 offering privacy assurances.