The Law Offices of Frank R. Cruz announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, captioned Brownback v. AppLovin Corporation, et al., Case No. 4:25-cv-02294, on behalf of persons and entities that purchased or otherwise acquired AppLovin Corporation (“AppLovin” or the “Company”) (NASDAQ: APP) securities between May 10, 2023 and February 25, 2025, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have until May 5, 2025 to move the Court to serve as lead plaintiff in this action.

IF YOU SUFFERED A LOSS ON YOUR APPLOVIN INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.

What Happened?

On February 26, 2025, before the market opened, Culper Research published a report alleging among other things, that AppLovin’s app segment relies on the “systematic exploitation of app permissions” to “illicitly inflate the Company’s mobile gaming results.” Culper Research further alleged AppLovin’s e-commerce program is a “rigged game” which relies on “steal[ing] attribution” for advertising from Meta to bolster the Company’s results.

Also on February 26, 2025, Fuzzy Panda Research published a report which further detailed the manner in which AppLovin’s e-commerce rigged results by “reverse engineer[ing] Meta’s targeting methods” in order to “steal” referral credits for targeting advertisers. Fuzzy Panda Research further detailed the manner in which the Company’s “impossibly high CTRs (click-thru rates) of 30-40%, 10x the industry norms” are the product of what industry experts can only describe as “Ad Fraud.”

On this news, the Company’s share price fell $46.06, or 12.2%, to close at $331.00 per share on February 26, 2025, on unusually heavy trading volume.

What Is The Lawsuit About?

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: (1) that AppLovin’s app segment relied on the systematic exploitation of fraudulent advertising practices including ‘clickjacking’ and ‘click spoofing’; (2) that AppLovin’s advertising and e-commerce program relied on intercepting and appropriating advertising attribution credit; (3) that AppLovin employed a backdoor installation scheme to force unwanted apps on customers; (4) that as a result of the foregoing, AppLovin’s revenue was falsely inflated; and (5) 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.

Contact Us To Participate or Learn More:

If you purchased AppLovin securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please HERE or contact us at:

Law Offices of Frank R. Cruz

2121 Avenue of the Stars, Suite 800

Telephone: 310-914-5007

Email: info@frankcruzlaw.com

Visit our website at: www.frankcruzlaw.com

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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APP CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against AppLovin Corporation