AppLovin (APP) shares plummeted Thursday after 澳洲幸运5官方开奖结果体彩网:short seller Carson Block’s Muddy Waters said it was taking a short position, alleging the adt🍸ech company engaged in “scammy” practices🐲. 

Shares lost about one-fifth of their value Thursday to close at $261.70, bringing them into negative territory for the year. Still, the stock has nearly quadrupled in value over the last 12 months on expectations it could benefit from growing demand for AI-powered advertising tools as the company reported 澳洲幸运5官方开奖结果体彩网:strong revenue gains. 

Muddy Waters accused AppLovin of misappropriating data and violating key partner platforms’ terms of service, among other things, and suggested backlash to its practices could hold back AppLovin’s growth plans and lead its services to be blocked by partners and boycotted by clients. 

AppLovin did not immedia✨tely respond to a request for൲ comment on the report. 

The report from Muddy Waters comes just weeks after 澳洲幸运5官方开奖结果体彩网:other short sellers iღncluding Fuzzy Panda and♔ Culper Research issued their own reports against AppLovin, accusing the company of engaging in fraudulent and deceptive practices.