AppLovin share price crashes over 14% on reports of US SEC probe into data collection practices
AppLovin share price crashed over 14% on Monday following reports that the US Securities and Exchange Commission is investigating the company’s data-collection practices. AppLovin stock price ended 14.03% lower at $587.00 apiece on Nasdaq. In the extended trade, the stock declined 2.29%.
According to a Bloomberg News report citing people familiar with the matter, the US SEC is reviewing allegations that AppLovin violated service agreements with its platform partners to deliver more targeted advertising to consumers. The probe is being handled by SEC enforcement officials focused on cyber and emerging technologies, the report said.
The inquiry reportedly follows a whistleblower complaint filed earlier this year, along with several…
