An investigation on behalf of investors of AppLovin Corporation (NASDAQ: APP) shares over potential securities laws violations by AppLovin Corporation and certain of its directors and officers in connection with certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of AppLovin Corporation (NASDAQ: APP) concerning whether a series of statements by AppLovin Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Palo Alto, CA based AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. AppLovin Corporation reported that its annual Total Revenue rose from $994.1 million in 2019 to over $1.45 billion in 2020, and that its Net Income of $119.04 million in 2019 declined to a Net Loss of $125.18 million.
On April 15, 2021, AppLovin Corporation went public at $80 per share to raise $2 billion in its initial public offering (“IPO”).
Since then, AppLovin Corporation (NASDAQ: APP) declined to $58.50 per share.