Amazon probed by SEC over business practice disclosures - WSJ
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The SEC is reportedly looking into how Amazon (NASDAQ:AMZN) discloses some of the details around its businesses. Sources tell The Wall Street Journal that the manner in which the e-commerce giant uses third-party-seller data for its various private-label business is a focus of the investigation.
The enforcement division of the SEC is combing over emails and other forms of communications from some senior Amazon executives as part of the probe.
How Amazon might use data to give it advantage over peers with its private-label business has been the subject of inquiries in the past and was a topic of conversation at House Judiciary Committee hearing in March.
Meanwhile in Washington, Amazon (AMZN) was also the target of President Biden with a warning that more union votes may come to pass.
Amazon (AMZN) moved off its session low of $3,145.09 from earlier in Wednesday afternoon after the developments were digested by investors, but still showed a larger drop than broad market averages amid the heightened focus on the Fed's actions and interest rates.