AppLovin CEO says short reports ‘littered with inaccuracies,’ ‘false assertions’

AppLovin (APP) CEO Adam Foroughi stated in a post to the company’s blog: “I’m writing this mid-quarter update to address the recent short reports published about our company. It’s disappointing that a few nefarious short-sellers are making false and misleading claims aimed at undermining our success, and driving down our stock price for their own financial gain, rather than acknowledging the sophisticated AI models our team has built to enhance advertising for our partners. While the reports are littered with inaccuracies and false assertions, and we won’t comment on every point, it’s important to correct the record around a few foundational issues… It’s also noteworthy that the short reports emerged after our earnings report, where we would be in a period of being unable to respond with financial performance. We remain focused on executing our strategy, generating strong cash flow, and conducting share buybacks.”