NEW YORK, April 28, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of AppLovin Corporation (NASDAQ: APP), Maravai LifeSciences Holdings, Inc. (NASDAQ: MRVI), e.l.f. Beauty, Inc. (NYSE: ELF), and Skyworks Solutions, Inc. (NASDAQ: SWKS). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
AppLovin Corporation (NASDAQ: APP)
Class Period: May 10, 2023 – March 26, 2025
Lead Plaintiff Deadline: May 5, 2025
The AppLovin class action lawsuit alleges that defendants throughout the Class Period created the false impression that AppLovin’s enhanced AXON 2.0 digital ad platform, in addition to its “cutting-edge AI technologies,” would more efficiently match advertisements to mobile games, in addition to expanding into web-based marketing and e-commerce. In truth, AppLovin was exploiting advertising data from Meta Platforms and using manipulative practices that forced unwanted apps on customers via a “backdoor installation scheme” which inaccurately inflated installation numbers, and, in turn, its profit figures, the complaint alleges.
The AppLovin class action lawsuit further alleges that on February 26, 2025, analyst research reports emerged stating that AppLovin was reverse engineering and exploiting advertising data from Meta Platforms. The reports further alleged AppLovin was utilizing manipulative practices to artificially inflate their own ad click-through and app download rates, such as by having ads click on themselves or utilizing design gimmicks to trigger forced shadow downloads, erroneously inflating installation numbers and, in turn, its profit figures, the complaint alleges. On this news, the price of AppLovin shares fell by more than 12%, the AppLovin class action lawsuit alleges.
For more information on the AppLovin class action go to: https://bespc.com/cases/APP
Maravai LifeSciences Holdings, Inc. (NASDAQ: MRVI)
Class Period: August 7, 2024 - February 24, 2025
Lead Plaintiff Deadline: May 5, 2025
On February 25, 2025, before the market opened, Maravai announced it was postponing its fiscal 2024 earnings release and would delay filing its annual report on Form 10-K for the fiscal year ended December 31, 2024. The Company had identified an error in revenue recognition that “resulted in approximately $3.9 million in revenue being recorded in the final week of the second quarter of 2024 upon shipment when it should have been recorded in the first week of the third quarter of 2024 upon receipt by the customer.” The Company had identified “a material weakness in its internal controls over revenue recognition.” Maravai also required additional time to “complete its assessment of a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC.”
On this news, the Company’s share price fell $0.87, or 21.70%, to close at $3.14 per share on February 25, 2025, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Maravai lacked adequate internal controls over financial reporting related to revenue recognition; (2) as a result, the Company inaccurately recognized revenue on certain transactions during fiscal 2024; (3) its goodwill was overstated; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Maravai class action go to: https://bespc.com/cases/MRVI
e.l.f. Beauty, Inc. (NYSE: ELF)
Class Period: November 1, 2023 - November 19, 2024
Lead Plaintiff Deadline: May 5, 2025
According to the Complaint, the Company made false and misleading statements to the market. To maintain investor confidence, e.l.f. Beauty inflated revenue and other financial measures over multiple quarters. The Company suffered from rising inventory levels. The Company falsely attributed its rising inventory to changes in sourcing. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about e.l.f. Beauty, investors suffered damages.
For more information on the e.l.f. Beauty class action go to: https://bespc.com/cases/ELF
Skyworks Solutions, Inc. (NASDAQ: SWKS)
Class Period: August 8, 2023 - February 5, 2025
Lead Plaintiff Deadline: May 5, 2025
According to the complaint, defendants provided investors with material information concerning Skyworks’ expected revenue for the fiscal year 2025. Defendants’ statements included, among other things, confidence in Skyworks’ ability to expand its mobile business and capitalize on its growth potential by investing in new technologies to diversify its portfolio of offerings.
On February 5, 2025, after market close, Skyworks announced its financial results for the first quarter of fiscal year 2025 and provided lower-than anticipated revenue guidance for the second quarter of fiscal year 2025. The Company attributed its results and low guidance to a “competitive landscape” that had “intensified” in recent years. Following this news, the price of Skyworks’ common stock declined dramatically. From a closing market price of $87.08 per share on February 5, 2025, Skyworks’ stock price fell to $65.60 per share on February 6, 2025, a decline of over 24% in the span of just a single day.
For more information on the Skyworks class action go to: https://bespc.com/cases/SWKS
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
