SAN DIEGO, March 12, 2025 (GLOBE NEWSWIRE) — A class action lawsuit has been filed on behalf of all persons and entities that purchased or otherwise acquired AppLovin Corporation (NASDAQ: APP) (“AppLovin” or the “Company”) securities between May 10, 2023 and February 25, 2025 (the “Class Period”), charging the Company and certain senior executives with violations of the federal securities laws (collectively, “Defendants”).
AppLovin investors have until May 5, 2025 to seek appointment as lead plaintiff of the AppLovin class action lawsuit.
If you purchased or acquired AppLovin securities between May 10, 2023 and February 25, 2025, and suffered substantial losses
, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/applovin/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing [email protected]. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
AppLovin is a mobile advertising technology business that operates a software-based platform to connect mobile game developers to new users. The Company operates through two segments: Software Platform and Apps.
The AppLovin lawsuit alleges that Defendants made false and/or materially misleading statements about AppLovin’s enhanced digital ad platform, AXON 2.0, and its “cutting-edge AI technologies,” including that AXON 2.0 would more efficiently match advertisements to mobile games and expand into web-based marketing and e-commerce. In reality, AppLovin was reverse engineering data from Meta Platforms and utilizing manipulative practices to force customers into unknowingly installing apps via a “backdoor installation scheme” which artificially inflated installation numbers, and, in turn, AppLovin’s profit figures.
The truth emerged on February 26, 2025, when Fuzzy Panda and Culper Research published separate short seller reports calling into question the integrity of Axon 2.0 and AppLovin’s ad practices. Specifically, the Fuzzy Panda report stated that Axon 2.0 was simply “a House of Cards” built on fraudulent advertising tactics, including “stealing data from Meta” and “exploiting consumers and their data in ways” that violate Google and Apple’s app store policies. Similarly, the Culper Research report claims AppLovin employs Axon 2.0 “largely as a promotional tool – a smokescreen to hide the true drivers of its mobile gaming and e-commerce initiatives” and that the Company’s “recent success in mobile gaming stems from the systematic exploitation of app permissions that enable advertisements themselves to force-feed silent, backdoor app installations directly onto users’ phones.”
On this news, the price of AppLovin common stock fell $46.06 per share from a closing price of $377.06 per share on February 25, 2025, to a closing price of $331 per share on January 26, 2025, a decline of 12.21% on heavy volume.
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