Applovin (APP.US) experienced significant pre-market volatility on Tuesday, with its stock price falling over 10% at one point before paring losses to trade nearly 6% lower at $537.53. The decline follows a short report issued by the firm Capitalwatch, which levels serious allegations against the company's core shareholder structure, implicating it in systemic compliance risks and major financial crimes. The report claims that AppLovin's primary shareholder, Hao Tang, and his associated capital network are suspected of funneling illicit funds from China and Southeast Asia into the core of the U.S. capital markets. According to the newly released Capitalwatch report, AppLovin is accused not only of significant fraudulent omissions in its SEC filings but also of having a management team that turned a blind eye to anti-money laundering (AML) laws, thereby allegedly facilitating the asset legitimization for the Prince Group, an entity designated by the U.S. Department of Justice (DOJ) as a Transnational Criminal Organization (TCO).
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Applovin (APP.US) Slides Nearly 6% Pre-Market Following Short-Seller Capitalwatch's Money Laundering Allegations
Stock News01-20
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