Applovin (APP) Climbs 13% After Critic Walks Back, Apologizes for Erroneous Report

We recently published 10 Big Names With Effortless Double-Digit Gains. Applovin Corp. (NASDAQ:APP) was one of the best performers on Monday.

Applovin soared by 13.19 percent on Monday to close at $460.38 apiece as investors poured funds back after a short seller withdrew earlier accusations of financial crimes against one of the listed firm’s major shareholders.

In a statement posted on X, CapitalWatch apologized to Applovin Corp. (NASDAQ:APP) shareholder Hang Tao, saying that it erroneously associated the latter with supposed money laundering activities in Southeast Asia.

“Upholding the highest standards of journalistic integrity, we conducted a rigorous internal review of the report. We have determined that due to an insufficient independent verification process regarding a judgment from the Court of Bordeaux (France), we erroneously associated that judicial document with Mr. Tang,” CapitalWatch said.

“Furthermore, descriptions asserting direct connections between Mr. Tang and Chen Zhi, Prince Group, Jin Bei Group, Tang Jun, and Yang Zhihui were inaccurate and failed to meet our publication standards, which require cross-verification via multiple non-anonymous sources,” it added.

“Capitalwatch extends its sincere apologies to Mr. Tang for the distress caused and the potential impact on his personal reputation. We recognize the gravity of personal reputation and believe that any unfounded associations must be promptly corrected.”

The withdrawal came ahead of Applovin Corp.’s (NASDAQ:APP) scheduled release of its earnings performance after market close on Wednesday, February 11. A conference call will be held to elaborate on the results.

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Disclosure: None. This article is originally published at Insider Monkey.