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AppLovin Corp (NASDAQ:APP) shares are trading lower on Monday. Short Seller Fuzzy Panda highlighted recent reports regarding potential investigations by multiple state attorneys general.
What To Know: Several state regulators, including attorneys general from Delaware, Oregon and Connecticut, have been in talks with short sellers as part of what appears to be a preliminary investigation into AppLovin, according to the New York Post.
Benzinga has reached out to AppLovin for comment.
The report indicates that state regulators are looking into the company’s data collection practices, which multiple short sellers have raised concerns about this year.
Short Seller FuzzyPanda said in a post on X on Monday that the firm has heard that subpoenas have “already gone out” to some of the data providers for AppLovin.
Earlier this year, FuzzyPanda alleged that AppLovin was stealing data from Meta Platforms and exploiting consumer data in ways that could violate Apple and Google’s app store policies.
Culper Research issued a short report on AppLovin in June, alleging the advertising technology company poses national security risks because of its potential ties to China. Muddy Waters also previously alleged that AppLovin is just "another scammy adtech company" that relies on retargeting for e-commerce conversions.
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in AppLovin's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
APP Price Action: AppLovin shares were down 3.63% at $577.58 at the time of publication Monday, according to Benzinga Pro.
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Posted In: APP
