Tech Darling crashes: Applovin stock dives on fraud claims
AppLovin shares crashed 13% Wednesday after two short sellers launched devastating attacks on the AI advertising company that had surged 432% over the past year.
Fuzzy Panda called AXON "a House of Cards," accusing AppLovin of stealing Meta data, violating app store policies, and illegally tracking children. Culper Research alleged the company exploits permissions to force-install apps without user consent.
The Palo Alto firm hasn't responded to these claims. Multiple law firms including Rosen Law and Block & Leviton have launched securities fraud investigations following the reports.
Why this matters:
- Even Wall Street's AI darlings face brutal reckonings when their core technology and business practices come under serious scrutiny.
Read on, my dear:
