"Shares of AppLovin () are down $81.80, or 12%, to $600.96 in afternoon trading after Bloomberg's Olivia Solon reported that the Securities and Exchange Commission has been probing the data-collection practices of the mobile advertising tech company. People familiar with the matter said the agency has looked into allegations that AppLovin violated platform partners' service agreements to push more targeted advertising to consumers."
"AppLovin declined to comment, saying it generally doesn't speak on potential regulatory matters, telling Bloomberg in an emailed statement: "We regularly engage with regulators and if we get inquiries we address them in the ordinary course." Published first on TheFly - the ultimate source for real-time, market-moving breaking financial news. Try Now>>"
Shares of AppLovin fell $81.80, or 12%, to $600.96 in afternoon trading. The Securities and Exchange Commission has probed the company's data-collection practices amid concerns over how user information is gathered and used. Regulators examined allegations that AppLovin violated platform partners' service agreements by pushing more targeted advertising to consumers. The inquiries focus on whether the company overstepped contractual terms with platform partners when deploying ad-targeting technology. AppLovin declined to comment, stating that it generally does not speak on potential regulatory matters and that it regularly engages with regulators and addresses inquiries in the ordinary course.
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