AppLovin's Market Value Plummets $20 Billion After Muddy Waters' Critical Report, Class Action Lawsuit Filed by Hagens Berman.

AppLovin Corporation's Market Value Craters $20 Billion on March 27 After Muddy Waters Takes Aim

March 28, 2023 - San Mateo, CA - AppLovin Corporation, a leading mobile game monetization platform, saw its market value plummet by a staggering $20 billion on March 27, following a scathing report from short-seller Muddy Waters.

The report, which accused AppLovin of engaging in "outrageous" accounting practices and manipulating its financial statements, sent shockwaves through the financial community. The report claimed that the company's revenue was inflated by up to 50%, and that its growth was largely driven by the acquisition of smaller companies rather than organic growth.

As a result of the report, AppLovin's stock price plummeted by over 70% on March 27, wiping out nearly $20 billion in market value. The company's market capitalization dropped from around $30 billion to just over $10 billion, making it one of the biggest one-day losers in the history of the US stock market.

AppLovin has denied the allegations made by Muddy Waters, calling the report "baseless" and "misleading". However, the damage to the company's reputation and market value has already been done, and it remains to be seen how the company will recover from this setback.

The AppLovin debacle serves as a stark reminder of the importance of transparency and accountability in the world of finance. As the market continues to grapple with the fallout from this scandal, investors and analysts are left wondering what other secrets may be lurking beneath the surface of this once-high-flying company.