AppLovin Corp. has hired the law firm Quinn Emanuel Urquhart & Sullivan to conduct an independent investigation into allegations made by short sellers, particularly the report from Muddy Waters. The allegations claim that AppLovin engaged in fraud to inflate ad performance metrics and misappropriated data, which led to a dramatic 20% drop in its stock price. Despite the allegations, AppLovin's shares rallied 6.1% after announcing the investigation and refuted claims from various short-seller reports which they deemed inaccurate, indicating intent to safeguard their reputation and stakeholder interests.
AppLovin retained the Quinn Emanuel Urquhart & Sullivan law firm to investigate allegations from Muddy Waters that it misappropriated data and violated partners' terms of service.
AppLovin's stock saw a significant drop of 20% following the release of the Muddy Waters report, which accused the company of fraud and attribution issues.
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