10 Firms Heavily Hit by Market Pessimism

8. AppLovin Corp. (NASDAQ:APP)

AppLovin fell by 9.13 percent on Tuesday to end at $278.84 each as investors stayed on the sidelines amid the lack of catalysts to boost buying appetite.

Additionally, investor caution lingered as the company was targeted for investigation by shareholder law firms on possible securities violations.

Over the past few days, shareholder law firms have been reminding APP investors to approach them and lead as plaintiffs for a class action lawsuit against APP.

According to the lawsuit, APP provided investors with material information concerning APP’s financial growth and stability.

“[APP’s]’ statements included, among other things, confidence in [its] launch of AXON 2.0 digital ad platform and using “cutting-edge AI technologies” to more efficiently match advertisements to mobile games, in addition to expanding into web-based marketing and e-commerce,” the law firm said in a press release on Tuesday.

“Moreover, defendants publicly reported impressive financial results, outlooks, and guidance to investors, all while using dishonest advertising practices.” APP has yet to comment on the allegations.