10 Stocks Drop Double Digits as Investor Caution Lingers

3. AppLovin Corp. (NASDAQ:APP)

Shares of AppLovin dived for a third consecutive day on Thursday to finish at $259.63 apiece as more shareholder law firms emerged, encouraging investors who lost their money to lead as plaintiffs in a class action lawsuit.

On Wednesday, Robbins Geller Rudman & Dow LLP said in a statement that it was investigating the company for allegedly exploiting advertising data from Meta Platforms, and using manipulative practices that forced unwanted apps on customers via a “backdoor installation scheme” that inaccurately inflated installation numbers, and, in turn, its profit figures.

Another law firm, Schall Law Firm, on Thursday encouraged investors to participate in the class action lawsuit.

“The company forced unwanted apps on customers using a ‘backdoor installation scheme’ which artificially inflated installation numbers,” it said.

APP, however, has yet to issue a statement on the allegations.