Overview

• AppLovin shares fell about 14% on Monday after the Bloomberg report, then swung on Tuesday with a partial rebound in early trading.
• Bloomberg reports the SEC’s cyber and emerging technologies unit is handling the review, with no accusations of wrongdoing and unclear scope or timing.
• The inquiry follows a whistleblower complaint and short-seller allegations that AppLovin used unauthorized fingerprinting and harvested partner identifiers restricted by Apple and, until February, by Google.
• AppLovin denies creating alternative device identifiers, says it regularly engages with regulators, and pledges to disclose any material developments through public channels.
• Some analysts view the sell-off as overdone—Citi called it a buying opportunity—while separate reporting notes possible FTC interest in AppLovin’s data-collection methods.