03:17 PM EDT, 06/17/2024 (MT Newswires) -- (Updates with Adobe's statement in the third paragraph and the latest stock move in the fourth paragraph.)

Adobe (ADBE) is being sued by the Federal Trade Commission in a new civil complaint of hiding fees it charges for early cancellations of its most popular subscription plan, making it difficult for early cancellations, the regulator said Monday.

The complaint filed in US District Court for the Northern District of California also charges two Adobe executives in its digital media business, David Wadhwani, the president of digital media business, and Maninder Sawhney, vice president at the business.

Adobe referred MT Newswires to its statement online. "We will refute the FTC's claims in court," Dana Rao, the company's general counsel and chief trust officer, said in a statement. "We are transparent with the terms and conditions of our subscription agreements and have a simple cancellation process."

Shares of the maker of the Photoshop and Acrobat software were down nearly 1% in recent trading.

Price: 520.86, Change: -4.45, Percent Change: -0.85