A securities class action has been filed against AppLovin (APP) alleging misleading statements about AI model improvements and revenue uplift. The class period runs Feb. 12 to Aug. 5, 2026. Shares fell 12.6% on July 13 after a critical analyst report and another 19.6% on Aug. 5 after Q2 revenue missed expectations. Total market cap loss exceeded $44 billion. Lead plaintiff deadline is Nov. 16, 2026.
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