Tech Firms Dominate Monday’s 10 Worst Performers

2. AppLovin Corp. (NASDAQ:APP)

AppLovin Corp. extended its losing streak for a third straight day on Monday, shedding 5.55 percent to finish at $236.07 each amid the looming deadline to lead plaintiff for a class action lawsuit against the company.

On Monday, several shareholder law firms reminded APP shareholders who lost money between May 10, 2023, and February 25, 2025, about the looming deadline to lead as plaintiff for the lawsuit alleging the company of reporting dishonest advertising practices.

The complaint alleged that throughout the class period, APP provided materially false and misleading statements about its business, operations, and prospects concerning financial growth and stability.

The complaint was based on a short seller report on February 26 claiming that APP was reverse engineering and exploiting advertising data from Meta Platforms.

The report further alleged that APP was utilizing manipulative practices to artificially inflate their own ad click-through and app download rates, such as by having ads click on themselves or utilizing design gimmicks to trigger forced shadow downloads, erroneously inflating installation numbers and, in turn, its profit figures.

APP, however, reassured investors of best practices, saying that it hired a law firm to investigate the allegations.