AppLovin Corp. has initiated an independent review by the Quinn Emanuel law firm in response to allegations from short sellers claiming the company is manipulating ad performance data. This follows a report from Muddy Waters, which resulted in a 20% decline in AppLovin's stock. The company refuted these claims, asserting they contain inaccuracies and distort the truth regarding industry practices. Following the announcement of the investigation, shares rebounded by 6.1%, reflecting market confidence in clarity and resolution. CEO Adam Foroughi reaffirmed the commitment to protect stakeholders and reveal the factual situation.
AppLovin has engaged the Quinn Emanuel law firm to conduct an independent investigation into allegations by short sellers of fraudulent ad performance reporting.
The company's shares fell 20% following accusations from Muddy Waters, but saw a 6.1% recovery after the announcement of the investigation.
AppLovin refuted the February reports asserting that they contained inaccuracies and exaggerated standard practices to generate fear over the company's operations.
CEO Adam Foroughi emphasized the company's commitment to transparency and the protection of its stakeholders amidst the ongoing scrutiny.
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