AppLovin Faces Money-Laundering Claims—Here’s What’s Missing

For advertising technology stock AppLovin (NASDAQ: APP), short reports—critical research notes published by an investor who is betting the stock will fall—have become a noteworthy theme. Critical reports from Fuzzy Panda Research and Culper Research were released early in 2025, leading AppLovin shares to fall over 12% on Feb. 26, 2025. On Mar. 27, a month later, research firm Muddy Waters issued another report, leading AppLovin shares to tank over 20%.

Depsite so many reports in recent months, markets and Wall Street analysts alike have generally swept these concerns under the rug. AppLovin rose approximately 108% in 2025, with the company delivering multiple strong earnings reports that drove shares higher. Additionally, AppLovin price targets now come in as high as $860, massively above targets in the $450 range from early 2025.