AppLovin has appointed Quinn Emanuel Urquhart & Sullivan to investigate claims made by short sellers, particularly the Muddy Waters report, which alleged that the company misrepresents its technological advantages and financial results. This follows a significant drop of around 20% in AppLovin's stock due to these accusations, including concerns about their advertising and revenue practices. CEO Adam Foroughi defended the company's practices and criticized the short seller tactics, while indication of a stock price uptick suggests some optimism following the announcement of legal actions to address the situation.
AppLovin has hired the law firm Quinn Emanuel Urquhart & Sullivan to investigate short seller claims, following allegations of misleading investors by overstating performance.
CEO Adam Foroughi dismissed the Muddy Waters report as easily discreditable and thanked partners for their continued support amidst the stock's significant decline.
AppLovin's stock, which dropped about 20% following the accusations, shows signs of recovery post-announcement of the legal investigation into the short seller claims.
The retention of Alex Spiro demonstrates AppLovin's commitment to addressing misinformation and protecting its reputation during a turbulent period.
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