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{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-085","record":{"id":"src-085","title":"Extract for the Dutch central register of collective actions: Stichting The Privacy Collective v. AppLovin Corporation and Adjust GmbH","url":"https://www.rechtspraak.nl/binaries/_rts_1779352780276/content/assets/wamca/2026/wamca-stichting-the-privacy-collective-vs-applovin-corporation-en-adjust-gmbh.pdf","publisher":"De Rechtspraak (Dutch judiciary)","date":"2026-05-21","locator":"Summons extract: parties, claims, relief","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"court_record","publisher_type":"government"},"reading":"Extract for the Dutch central register of collective actions: Stichting The Privacy Collective v. AppLovin Corporation and Adjust GmbH, De Rechtspraak (Dutch judiciary)"}
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{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-087","record":{"id":"src-087","title":"Corporate registry source · src-087","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"corporate_registry","publisher_type":"corporate"},"reading":"Corporate registry source · src-087"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-088","record":{"id":"src-088","title":"Corporate registry source · src-088","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"corporate_registry","publisher_type":"corporate"},"reading":"Corporate registry source · src-088"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-089","record":{"id":"src-089","title":"Schedule 13D amendment on The Stars Group Inc. by Tang Hao, Uptrend Trade Limited and Discovery Key Investments Limited","url":"https://www.sec.gov/Archives/edgar/data/1635327/000106299320001253/formsc13da.htm","publisher":"U.S. Securities and Exchange Commission (EDGAR)","date":"2020-03","locator":"Items 2, 3 and 5","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Schedule 13D amendment on The Stars Group Inc. by Tang Hao, Uptrend Trade Limited and Discovery Key Investments Limited, U.S. Securities and Exchange Commission (EDGAR)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-090","record":{"id":"src-090","title":"FCA Final Notice to Goldenway Global Investments (UK) Limited","url":"https://www.fca.org.uk/publication/final-notices/goldenway-global-investments-uk-limited.pdf","publisher":"Financial Conduct Authority","date":"2017-08-21","locator":"Final notice and reasons","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"FCA Final Notice to Goldenway Global Investments (UK) Limited, Financial Conduct Authority"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-091","record":{"id":"src-091","title":"Company statement source · src-091","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-091"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-092","record":{"id":"src-092","title":"Goldenway, Inc. annual report on Form 10-K for 2012","url":"https://www.sec.gov/Archives/edgar/data/1446210/000106299313001556/form10k.htm","publisher":"U.S. Securities and Exchange Commission (EDGAR)","date":"2013","locator":"Security ownership, subsidiaries, related transactions","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"company_statement","publisher_type":"regulator"},"reading":"Goldenway, Inc. annual report on Form 10-K for 2012, U.S. Securities and Exchange Commission (EDGAR)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-093","record":{"id":"src-093","title":"Hong Kong Intellectual Property Journal, trade-mark acceptances of November 19, 2021","url":"https://www.ipd.gov.hk/hkipjournal/19112021/PUBLICATION_TYPE_ACCEPTANCE_FOR_REGISTRATION_FULL_VERSION_31-35.pdf","publisher":"Intellectual Property Department, Hong Kong","date":"2021-11-19","locator":"Classes 35 and 36 acceptances","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"regulatory_record","publisher_type":"government"},"reading":"Hong Kong Intellectual Property Journal, trade-mark acceptances of November 19, 2021, Intellectual Property Department, Hong Kong"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-094","record":{"id":"src-094","title":"Form 4 filed by Eduardo Vivas (May 2025)","url":"https://www.sec.gov/Archives/edgar/data/1848493/000156218025003832/0001562180-25-003832.txt","publisher":"U.S. Securities and Exchange Commission (EDGAR)","date":"2025-05-14","locator":"Table I and footnotes","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Form 4 filed by Eduardo Vivas (May 2025), U.S. Securities and Exchange Commission (EDGAR)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-095","record":{"id":"src-095","title":"SEC insider register page for John Krystynak","url":"https://www.sec.gov/cgi-bin/own-disp?action=getowner&CIK=0001851189","publisher":"U.S. Securities and Exchange Commission (EDGAR insider register)","date":"2026-10-16","locator":"Reporting-owner or issuer table","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"SEC insider register page for John Krystynak, U.S. Securities and Exchange Commission (EDGAR insider register)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-096","record":{"id":"src-096","title":"SEC insider register page for Andrew Karam","url":"https://www.sec.gov/cgi-bin/own-disp?action=getowner&CIK=0001851190","publisher":"U.S. Securities and Exchange Commission (EDGAR insider register)","date":"2026-10-16","locator":"Reporting-owner or issuer table","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"SEC insider register page for Andrew Karam, U.S. Securities and Exchange Commission (EDGAR insider register)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-097","record":{"id":"src-097","title":"AppLovin Corporation current report on Form 8-K (2026 annual meeting results)","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000050/app-20260603.htm","publisher":"U.S. Securities and Exchange Commission (EDGAR)","date":"2026-06-03","locator":"Item 5.07","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"company_statement","publisher_type":"regulator"},"reading":"AppLovin Corporation current report on Form 8-K (2026 annual meeting results), U.S. Securities and Exchange Commission (EDGAR)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-098","record":{"id":"src-098","title":"Media source · src-098","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-098"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-099","record":{"id":"src-099","title":"Exhibit 21.1, subsidiaries of AppLovin Corporation (annual report for 2022)","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100823000006/exhibit2112022123110k.htm","publisher":"U.S. Securities and Exchange Commission (EDGAR)","date":"2023","locator":"Exhibit 21.1","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"company_statement","publisher_type":"regulator"},"reading":"Exhibit 21.1, subsidiaries of AppLovin Corporation (annual report for 2022), U.S. Securities and Exchange Commission (EDGAR)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-100","record":{"id":"src-100","title":"Media source · src-100","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-100"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-101","record":{"id":"src-101","title":"Media source · src-101","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-101"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-102","record":{"id":"src-102","title":"AppLovin Corporation draft registration statement (DRS) of 2021","url":"https://www.sec.gov/Archives/edgar/data/1751008/000095012321014269/filename1.htm","publisher":"U.S. Securities and Exchange Commission (EDGAR)","date":"2021","locator":"Business section: studios","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"company_statement","publisher_type":"regulator"},"reading":"AppLovin Corporation draft registration statement (DRS) of 2021, U.S. Securities and Exchange Commission (EDGAR)"}
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{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-105","record":{"id":"src-105","title":"Other source · src-105","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"other","publisher_type":"nonprofit"},"reading":"Other source · src-105"}
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{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-107","record":{"id":"src-107","title":"ACRA striking-off final gazette notification (January 2026)","url":"https://isomer-user-content.by.gov.sg/277/47a8dbe0-7cf0-43d2-93de-7442346f0074/company-final-gazette-16-january-2026-to-31-january-2026.pdf","publisher":"Accounting and Corporate Regulatory Authority, Singapore","date":"2026-01","locator":"List of struck-off companies","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"corporate_registry","publisher_type":"government"},"reading":"ACRA striking-off final gazette notification (January 2026), Accounting and Corporate Regulatory Authority, Singapore"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-108","record":{"id":"src-108","title":"Media source · src-108","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-108"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-109","record":{"id":"src-109","title":"Regulatory record source · src-109","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"regulatory_record","publisher_type":"nonprofit"},"reading":"Regulatory record source · src-109"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-110","record":{"id":"src-110","title":"GLEIF LEI record for Geewa a.s.","url":"https://api.gleif.org/api/v1/lei-records/315700M6DVHYERUQIN18","publisher":"Global Legal Entity Identifier Foundation","date":"2026-10-16","locator":"Entity and registration data","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"GLEIF LEI record for Geewa a.s., Global Legal Entity Identifier Foundation"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-111","record":{"id":"src-111","title":"Company statement source · src-111","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-111"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-112","record":{"id":"src-112","title":"USPTO trade-mark status record for SAFEDK (serial 86516957)","url":"https://tsdr.uspto.gov/statusview/sn86516957","publisher":"United States Patent and Trademark Office","date":"2026-10-16","locator":"Status, owner and prosecution history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-16","source_type":"regulatory_record","publisher_type":"government"},"reading":"USPTO trade-mark status record for SAFEDK (serial 86516957), United States Patent and Trademark Office"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-113","record":{"id":"src-113","title":"Company statement source · src-113","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-113"}
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{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-115","record":{"id":"src-115","title":"Media source · src-115","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-115"}
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{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-117","record":{"id":"src-117","title":"Other source · src-117","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"other","publisher_type":"nonprofit"},"reading":"Other source · src-117"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"sources","id":"src-118","record":{"id":"src-118","title":"Other source · src-118","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"other","publisher_type":"nonprofit"},"reading":"Other source · src-118"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-id-registration","record":{"id":"c-id-registration","kind":"fact","text":"AppLovin Corporation is a Delaware corporation with its principal executive offices at 1100 Page Mill Road, Palo Alto, California. Its SEC Central Index Key is 0001751008, its U.S. employer identification number is 45-3264542 and its SEC commission file number is 001-40325; the SEC's registrant record classifies it as a large accelerated filer with a December 31 fiscal year end.","source_ids":["src-002","src-024"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin Corporation is a Delaware corporation with its principal executive offices at 1100 Page Mill Road, Palo Alto, California. Its SEC Central Index Key is 0001751008, its U.S. employer identification number is 45-3264542 and its SEC commission file number is 001-40325; the SEC's registrant record classifies it as a large accelerated filer with a December 31 fiscal year end."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-id-name","record":{"id":"c-id-name","kind":"fact","text":"The header of an SEC filing records a change of AppLovin's conformed name on August 23, 2018 from \"Applovin Corp\" to \"AppLovin Corp\", a change of capitalisation only; the SEC's registrant record lists no other former names.","source_ids":["src-094"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: The header of an SEC filing records a change of AppLovin's conformed name on August 23, 2018 from \"Applovin Corp\" to \"AppLovin Corp\", a change of capitalisation only; the SEC's registrant record lists no other former names."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-id-listing","record":{"id":"c-id-listing","kind":"fact","text":"AppLovin's Class A common stock has traded on the Nasdaq Global Select Market under the symbol APP since its initial public offering on April 15, 2021, which was priced at $80.00 per share; the Class B and Class C shares are neither listed nor traded.","source_ids":["src-002"],"entity_ids":["applovin","nasdaq"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's Class A common stock has traded on the Nasdaq Global Select Market under the symbol APP since its initial public offering on April 15, 2021, which was priced at $80.00 per share; the Class B and Class C shares are neither listed nor traded."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-id-share-classes","record":{"id":"c-id-share-classes","kind":"fact","text":"AppLovin has three classes of common stock: Class A carries one vote per share, Class B carries 20 votes per share and Class C, of which none is outstanding, has no voting rights except where the law requires them.","source_ids":["src-001"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin has three classes of common stock: Class A carries one vote per share, Class B carries 20 votes per share and Class C, of which none is outstanding, has no voting rights except where the law requires them."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-id-products","record":{"id":"c-id-products","kind":"fact","text":"In its annual report for 2025 AppLovin describes its advertising business through four products: Axon Ads Manager, its user-acquisition solution powered by the Axon AI recommendation engine; MAX, its in-app bidding solution for publishers' monetisation; Adjust, its measurement and analytics platform; and Wurl, its connected-TV platform.","source_ids":["src-002"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: In its annual report for 2025 AppLovin describes its advertising business through four products: Axon Ads Manager, its user-acquisition solution powered by the Axon AI recommendation engine; MAX, its in-app bidding solution for publishers' monetisation; Adjust, its measurement and analytics platform; and Wurl, its connected-TV platform."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-fin-results-2023-2025","record":{"id":"c-fin-results-2023-2025","kind":"fact","text":"AppLovin's annual report for 2025 shows revenue from continuing operations of $5,480.7 million in 2025, $3,224.1 million in 2024 and $1,841.8 million in 2023, and net income from continuing operations of $3,433.2 million, $1,589.5 million and $457.8 million in the same years.","source_ids":["src-002"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's annual report for 2025 shows revenue from continuing operations of $5,480.7 million in 2025, $3,224.1 million in 2024 and $1,841.8 million in 2023, and net income from continuing operations of $3,433.2 million, $1,589.5 million and $457.8 million in the same years."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-fin-letter-2025","record":{"id":"c-fin-letter-2025","kind":"fact","text":"In the letter opening its 2026 proxy statement AppLovin describes 2025 as a year with $5.5 billion of revenue (up 70%), $4.5 billion of Adjusted EBITDA and $4.0 billion of free cash flow, $2.2 billion of Class A share repurchases and the sale of its Apps business; Adjusted EBITDA and free cash flow are the company's own non-GAAP measures.","source_ids":["src-001"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: In the letter opening its 2026 proxy statement AppLovin describes 2025 as a year with $5.5 billion of revenue (up 70%), $4.5 billion of Adjusted EBITDA and $4.0 billion of free cash flow, $2.2 billion of Class A share repurchases and the sale of its Apps business; Adjusted EBITDA and free cash flow are the company's own non-GAAP measures."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-fin-results-2020-2022","record":{"id":"c-fin-results-2020-2022","kind":"fact","text":"Before the sale of the Apps business, AppLovin's annual report for 2022 showed revenue of $2,817.1 million in 2022, $2,793.1 million in 2021 and $1,451.1 million in 2020, with a net loss of $192.9 million in 2022, net income of $35.3 million in 2021 and a net loss of $125.9 million in 2020.","source_ids":["src-034"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Before the sale of the Apps business, AppLovin's annual report for 2022 showed revenue of $2,817.1 million in 2022, $2,793.1 million in 2021 and $1,451.1 million in 2020, with a net loss of $192.9 million in 2022, net income of $35.3 million in 2021 and a net loss of $125.9 million in 2020."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-fin-debt","record":{"id":"c-fin-debt","kind":"fact","text":"At December 31, 2025 AppLovin's debt consisted of $3,550.0 million principal of unsecured senior notes issued in December 2024 (5.125% notes due 2029, 5.375% notes due 2031 and 5.500% notes due 2034 of $1.0 billion each, and $550.0 million of 5.950% notes due 2054), carried at $3,513.0 million and not guaranteed by any subsidiary. The notes and an unsecured $1.0 billion revolving credit facility maturing in December 2029 replaced the secured 2018 Credit Agreement; $200.0 million drawn under the revolver in March 2025 for share repurchases was repaid, and nothing was outstanding at year end.","source_ids":["src-002"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: At December 31, 2025 AppLovin's debt consisted of $3,550.0 million principal of unsecured senior notes issued in December 2024 (5.125% notes due 2029, 5.375% notes due 2031 and 5.500% notes due 2034 of $1.0 billion each, and $550.0 million of 5.950% notes due 2054), carried at $3,513.0 million and not guaranteed by any subsidiary. The notes and an unsecured $1.0 billion revolving credit facility maturing in December 2029 replaced the secured 2018 Credit Agreement; $200.0 million drawn under the revolver in March 2025 for share repurchases was repaid, and nothing was outstanding at year end."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-fin-equity-buybacks","record":{"id":"c-fin-equity-buybacks","kind":"fact","text":"AppLovin's stockholders' equity was $2,134.7 million at December 31, 2025 (2024: $1,089.8 million). Under the repurchase programme approved in February 2022 the company repurchased and retired 5.5 million Class A shares for $2.2 billion in 2025, the board added $3.2 billion to the authorisation, and $3.3 billion remained available at year end.","source_ids":["src-002"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's stockholders' equity was $2,134.7 million at December 31, 2025 (2024: $1,089.8 million). Under the repurchase programme approved in February 2022 the company repurchased and retired 5.5 million Class A shares for $2.2 billion in 2025, the board added $3.2 billion to the authorisation, and $3.3 billion remained available at year end."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-fin-auditor","record":{"id":"c-fin-auditor","kind":"fact","text":"Deloitte & Touche LLP is AppLovin's independent registered public accounting firm: it audited internal control over financial reporting for 2022 and was proposed for ratification for the 2026 financial year.","source_ids":["src-001","src-034"],"entity_ids":["applovin","deloitte"],"qualification":"","response":"","outcome":""},"reading":"Fact: Deloitte & Touche LLP is AppLovin's independent registered public accounting firm: it audited internal control over financial reporting for 2022 and was proposed for ratification for the 2026 financial year."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-capital-2026","record":{"id":"c-ctl-capital-2026","kind":"fact","text":"AppLovin's 2026 proxy statement calculates ownership on 306,086,916 Class A shares, 30,207,521 Class B shares and no Class C shares outstanding on March 31, 2026.","source_ids":["src-001"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's 2026 proxy statement calculates ownership on 306,086,916 Class A shares, 30,207,521 Class B shares and no Class C shares outstanding on March 31, 2026."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-voting-agreement-2026","record":{"id":"c-ctl-voting-agreement-2026","kind":"fact","text":"Adam Foroughi and Herald Chen, with affiliated trusts and entities, are parties to a Voting Agreement under which all AppLovin shares they hold are voted as Foroughi and Chen determine. The 2026 proxy statement attributes to the shares under the agreement (all Class B shares on its beneficial-ownership basis and 2,866,505 Class A shares) 66.9% of the voting power as of March 31, 2026, enough to decide director elections, charter amendments and major transactions.","source_ids":["src-001"],"entity_ids":["applovin","adam-foroughi","herald-chen"],"qualification":"","response":"","outcome":""},"reading":"Fact: Adam Foroughi and Herald Chen, with affiliated trusts and entities, are parties to a Voting Agreement under which all AppLovin shares they hold are voted as Foroughi and Chen determine. The 2026 proxy statement attributes to the shares under the agreement (all Class B shares on its beneficial-ownership basis and 2,866,505 Class A shares) 66.9% of the voting power as of March 31, 2026, enough to decide director elections, charter amendments and major transactions."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-controlled-company","record":{"id":"c-ctl-controlled-company","kind":"fact","text":"Because the Voting Agreement parties, Adam Foroughi and Herald Chen, hold a majority of the voting power, AppLovin is a \"controlled company\" under Nasdaq corporate governance rules. It says, however, that it does not rely on the exemptions available to controlled companies and keeps the corresponding governance practices.","source_ids":["src-001"],"entity_ids":["applovin","adam-foroughi","herald-chen"],"qualification":"","response":"","outcome":""},"reading":"Fact: Because the Voting Agreement parties, Adam Foroughi and Herald Chen, hold a majority of the voting power, AppLovin is a \"controlled company\" under Nasdaq corporate governance rules. It says, however, that it does not rely on the exemptions available to controlled companies and keeps the corresponding governance practices."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-class-b-holders","record":{"id":"c-ctl-class-b-holders","kind":"fact","text":"At December 31, 2025 AppLovin had about 32 holders of record of Class A shares and 8 of Class B shares; all Class B shares were beneficially held by Adam Foroughi and Herald Chen together with certain affiliated trusts.","source_ids":["src-002"],"entity_ids":["applovin","adam-foroughi","herald-chen"],"qualification":"","response":"","outcome":""},"reading":"Fact: At December 31, 2025 AppLovin had about 32 holders of record of Class A shares and 8 of Class B shares; all Class B shares were beneficially held by Adam Foroughi and Herald Chen together with certain affiliated trusts."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-foroughi-2026","record":{"id":"c-ctl-foroughi-2026","kind":"fact","text":"As of March 31, 2026 Adam Foroughi beneficially owned 2,420,296 Class A shares and 27,936,907 Class B shares, 92.5% of the Class B class and 61.6% of AppLovin's total voting power.","source_ids":["src-001"],"entity_ids":["adam-foroughi","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: As of March 31, 2026 Adam Foroughi beneficially owned 2,420,296 Class A shares and 27,936,907 Class B shares, 92.5% of the Class B class and 61.6% of AppLovin's total voting power."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-chen-2026","record":{"id":"c-ctl-chen-2026","kind":"fact","text":"As of March 31, 2026 Herald Chen beneficially owned 446,209 AppLovin Class A shares and 697,668 Class B shares (2.3% of Class B, 1.6% of the voting power), partly through family trusts of which he and his spouse are trustees. In the 2025 proxy the same holding was 2,397,668 Class B shares (7.4% of the class, 5.1% of the votes), including 1,680,201 shares obtainable on exercise of options.","source_ids":["src-001","src-041"],"entity_ids":["herald-chen","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: As of March 31, 2026 Herald Chen beneficially owned 446,209 AppLovin Class A shares and 697,668 Class B shares (2.3% of Class B, 1.6% of the voting power), partly through family trusts of which he and his spouse are trustees. In the 2025 proxy the same holding was 2,397,668 Class B shares (7.4% of the class, 5.1% of the votes), including 1,680,201 shares obtainable on exercise of options."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-insider-forms-2026","record":{"id":"c-ctl-insider-forms-2026","kind":"fact","text":"Form 4 filings show continued changes in the two controlling holders' AppLovin stakes in 2026: Herald Chen converted 143,791 Class B shares into Class A shares and gave away 100,000 Class A shares on August 13, 2026, leaving 223,676 Class B shares; Adam Foroughi held 2,324,954 Class A shares directly on August 20, 2026, with further Class A shares held indirectly through three holdings.","source_ids":["src-027","src-028"],"entity_ids":["herald-chen","adam-foroughi","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Form 4 filings show continued changes in the two controlling holders' AppLovin stakes in 2026: Herald Chen converted 143,791 Class B shares into Class A shares and gave away 100,000 Class A shares on August 13, 2026, leaving 223,676 Class B shares; Adam Foroughi held 2,324,954 Class A shares directly on August 20, 2026, with further Class A shares held indirectly through three holdings."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-ipo-voting","record":{"id":"c-ctl-ipo-voting","kind":"fact","text":"At AppLovin's IPO in April 2021 the Class B shares were held by Adam Foroughi, Herald Chen and KKR Denali Holdings L.P. (with affiliates), who together had 93.4% of the voting power. Their Voting Agreement then provided that all Class B shares would be voted as determined by two of Foroughi, Chen and KKR Denali, one of whom had to be Foroughi.","source_ids":["src-006"],"entity_ids":["applovin","adam-foroughi","herald-chen","kkr-denali"],"qualification":"","response":"","outcome":""},"reading":"Fact: At AppLovin's IPO in April 2021 the Class B shares were held by Adam Foroughi, Herald Chen and KKR Denali Holdings L.P. (with affiliates), who together had 93.4% of the voting power. Their Voting Agreement then provided that all Class B shares would be voted as determined by two of Foroughi, Chen and KKR Denali, one of whom had to be Foroughi."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-holders-2022","record":{"id":"c-ctl-holders-2022","kind":"fact","text":"As of March 31, 2022 Adam Foroughi held 27,936,907 AppLovin Class B shares (35.5% of the class, 29.9% of the votes) and Herald Chen 4,646,459 Class B shares (4.8% of the votes). Other holders above 5% were KKR Denali Holdings L.P. (60,735,000 Class A and 38,905,489 Class B shares, 44.8% of the votes), Hontai App Fund Limited Partnership (8.8% of Class A), co-founders John Krystynak (7.8%) and Andrew Karam (7.1%) and The Vanguard Group (5.2%); the shares under the Voting Agreement carried 87.7% of the votes. Angel Pride Holdings Limited is not among the holders above 5% in that table.","source_ids":["src-056"],"entity_ids":["applovin","adam-foroughi","herald-chen","kkr-denali","hontai-app-fund","john-krystynak","andrew-karam","vanguard","angel-pride"],"qualification":"","response":"","outcome":""},"reading":"Fact: As of March 31, 2022 Adam Foroughi held 27,936,907 AppLovin Class B shares (35.5% of the class, 29.9% of the votes) and Herald Chen 4,646,459 Class B shares (4.8% of the votes). Other holders above 5% were KKR Denali Holdings L.P. (60,735,000 Class A and 38,905,489 Class B shares, 44.8% of the votes), Hontai App Fund Limited Partnership (8.8% of Class A), co-founders John Krystynak (7.8%) and Andrew Karam (7.1%) and The Vanguard Group (5.2%); the shares under the Voting Agreement carried 87.7% of the votes. Angel Pride Holdings Limited is not among the holders above 5% in that table."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-holders-2023","record":{"id":"c-ctl-holders-2023","kind":"fact","text":"As of March 31, 2023 KKR Denali Holdings L.P. held 60,735,000 AppLovin Class A and 38,905,489 Class B shares (48.7% of the votes) and Adam Foroughi 27,936,907 Class B shares (32.4%); the Voting Agreement shares carried 86.5%. Other holders above 5% of Class A were Hontai App Fund Limited Partnership (8.7%), John Krystynak (7.0%), Andrew Karam (6.7%) and The Vanguard Group (5.3%); Angel Pride Holdings Limited is again not listed.","source_ids":["src-010"],"entity_ids":["applovin","kkr-denali","adam-foroughi","hontai-app-fund","john-krystynak","andrew-karam","vanguard","angel-pride"],"qualification":"","response":"","outcome":""},"reading":"Fact: As of March 31, 2023 KKR Denali Holdings L.P. held 60,735,000 AppLovin Class A and 38,905,489 Class B shares (48.7% of the votes) and Adam Foroughi 27,936,907 Class B shares (32.4%); the Voting Agreement shares carried 86.5%. Other holders above 5% of Class A were Hontai App Fund Limited Partnership (8.7%), John Krystynak (7.0%), Andrew Karam (6.7%) and The Vanguard Group (5.3%); Angel Pride Holdings Limited is again not listed."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-foroughi-13g-2024","record":{"id":"c-ctl-foroughi-13g-2024","kind":"fact","text":"In a Schedule 13G amendment for September 30, 2024, Adam Foroughi reported holding 3,885,217 AppLovin Class A shares (including 1,477,929 restricted stock units) and 27,936,907 Class B shares; with the other Voting Agreement parties, Herald Chen and KKR Denali, the group beneficially owned 43,307,451 shares, 12.8% of Class A on an as-converted basis, with voting decided by two of the three parties including Foroughi.","source_ids":["src-039"],"entity_ids":["adam-foroughi","applovin","herald-chen","kkr-denali"],"qualification":"","response":"","outcome":""},"reading":"Fact: In a Schedule 13G amendment for September 30, 2024, Adam Foroughi reported holding 3,885,217 AppLovin Class A shares (including 1,477,929 restricted stock units) and 27,936,907 Class B shares; with the other Voting Agreement parties, Herald Chen and KKR Denali, the group beneficially owned 43,307,451 shares, 12.8% of Class A on an as-converted basis, with voting decided by two of the three parties including Foroughi."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-holders-2025","record":{"id":"c-ctl-holders-2025","kind":"fact","text":"As of March 31, 2025 Adam Foroughi held 2,835,590 AppLovin Class A and 27,936,907 Class B shares (60.9% of the votes) and Herald Chen 2,397,668 Class B shares (5.1%); the Voting Agreement shares carried 68.2%. Holders above 5% of Class A were Angel Pride Holdings Limited (17,244,541 shares, 5.6%), BlackRock, Inc. (5.4%) and The Vanguard Group (5.4%); Midterm Success Limited and Hao Tang are not listed.","source_ids":["src-041"],"entity_ids":["applovin","adam-foroughi","herald-chen","angel-pride","blackrock","vanguard","midterm-success","hao-tang"],"qualification":"","response":"","outcome":""},"reading":"Fact: As of March 31, 2025 Adam Foroughi held 2,835,590 AppLovin Class A and 27,936,907 Class B shares (60.9% of the votes) and Herald Chen 2,397,668 Class B shares (5.1%); the Voting Agreement shares carried 68.2%. Holders above 5% of Class A were Angel Pride Holdings Limited (17,244,541 shares, 5.6%), BlackRock, Inc. (5.4%) and The Vanguard Group (5.4%); Midterm Success Limited and Hao Tang are not listed."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-institutions-2026","record":{"id":"c-ctl-institutions-2026","kind":"fact","text":"AppLovin's 2026 proxy statement lists, based on Schedule 13G filings, The Vanguard Group with 24,954,427 Class A shares (8.2%, filing of October 30, 2025), BlackRock, Inc. with 21,386,458 (7.0%, filing of October 17, 2025) and Angel Pride Holdings Limited with 17,244,541 (5.6%) as holders above 5%.","source_ids":["src-001"],"entity_ids":["applovin","vanguard","blackrock","angel-pride"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's 2026 proxy statement lists, based on Schedule 13G filings, The Vanguard Group with 24,954,427 Class A shares (8.2%, filing of October 30, 2025), BlackRock, Inc. with 21,386,458 (7.0%, filing of October 17, 2025) and Angel Pride Holdings Limited with 17,244,541 (5.6%) as holders above 5%."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-institutions-later-2026","record":{"id":"c-ctl-institutions-later-2026","kind":"fact","text":"Listings of later Schedule 13G filings show The Vanguard Group reporting no AppLovin shares as of March 13, 2026, Vanguard Capital Management reporting a new position of 19,337,914 Class A shares (6.29%) and FMR LLC one of 15,691,414 shares (5.1%), both as of March 31, 2026.","source_ids":["src-016"],"entity_ids":["applovin","vanguard","vanguard-capital-management","fmr"],"qualification":"Read in two aggregator listings of SEC filings; the filings themselves are not retained in the record, and the 2026 proxy still relies on Vanguard's October 2025 filing.","response":"","outcome":""},"reading":"Fact: Listings of later Schedule 13G filings show The Vanguard Group reporting no AppLovin shares as of March 13, 2026, Vanguard Capital Management reporting a new position of 19,337,914 Class A shares (6.29%) and FMR LLC one of 15,691,414 shares (5.1%), both as of March 31, 2026."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-founders","record":{"id":"c-ctl-founders","kind":"fact","text":"John Krystynak and Andrew Karam, who co-founded AppLovin with Adam Foroughi, held 24,062,858 (13.0%) and 21,957,897 (11.8%) Class A shares before the IPO and were registered with the SEC from April 14, 2021 in the capacity of 10% owners, not as directors or officers. Their stakes fell to 7.0% and 6.7% by March 2023, and Karam's Schedule 13G amendment for September 30, 2024 reported 13,136,250 shares (4.4%).","source_ids":["src-006","src-029","src-095","src-096","src-010","src-052"],"entity_ids":["applovin","john-krystynak","andrew-karam","adam-foroughi"],"qualification":"Karam's 2024 figure comes from an aggregator listing of the Schedule 13G filing.","response":"","outcome":""},"reading":"Fact: John Krystynak and Andrew Karam, who co-founded AppLovin with Adam Foroughi, held 24,062,858 (13.0%) and 21,957,897 (11.8%) Class A shares before the IPO and were registered with the SEC from April 14, 2021 in the capacity of 10% owners, not as directors or officers. Their stakes fell to 7.0% and 6.7% by March 2023, and Karam's Schedule 13G amendment for September 30, 2024 reported 13,136,250 shares (4.4%)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-ipo-other-holders","record":{"id":"c-ctl-ipo-other-holders","kind":"fact","text":"AppLovin's IPO prospectus also lists Nimble Ventures (11,480,000 Class A shares, 6.2%) and Eduardo Vivas (10,865,818 shares, 5.9%) among the holders above 5% before the offering.","source_ids":["src-006"],"entity_ids":["applovin","eduardo-vivas"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's IPO prospectus also lists Nimble Ventures (11,480,000 Class A shares, 6.2%) and Eduardo Vivas (10,865,818 shares, 5.9%) among the holders above 5% before the offering."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-director-holdings-2026","record":{"id":"c-ctl-director-holdings-2026","kind":"fact","text":"Other insider holdings of AppLovin shares as of March 31, 2026 include Eduardo Vivas with 6,963,289 Class A shares (2.3%) and Vasily Shikin with 3,805,555 (1.2%, including options); 154,500 shares counted for Margaret Georgiadis are held by Blue Sage Partners, LLC and 147,516 counted for Maynard Webb by Webb Investment Network LLC, in each case with voting and dispositive power shared with a spouse.","source_ids":["src-001"],"entity_ids":["applovin","eduardo-vivas","vasily-shikin","margaret-georgiadis","blue-sage","maynard-webb","webb-investment-network"],"qualification":"","response":"","outcome":""},"reading":"Fact: Other insider holdings of AppLovin shares as of March 31, 2026 include Eduardo Vivas with 6,963,289 Class A shares (2.3%) and Vasily Shikin with 3,805,555 (1.2%, including options); 154,500 shares counted for Margaret Georgiadis are held by Blue Sage Partners, LLC and 147,516 counted for Maynard Webb by Webb Investment Network LLC, in each case with voting and dispositive power shared with a spouse."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ctl-vivas-forward","record":{"id":"c-ctl-vivas-forward","kind":"fact","text":"On May 12, 2025 AppLovin director Eduardo Vivas entered into a prepaid variable forward sale contract with an unaffiliated counterparty and received $131,099,760 in cash; he pledged 550,000 Class A shares and must deliver up to that number of shares, or their cash value, at settlement in May 2027, with a floor price of $261.94 and a cap of $605.08. He keeps beneficial ownership of the pledged shares.","source_ids":["src-094","src-030","src-001"],"entity_ids":["eduardo-vivas","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: On May 12, 2025 AppLovin director Eduardo Vivas entered into a prepaid variable forward sale contract with an unaffiliated counterparty and received $131,099,760 in cash; he pledged 550,000 Class A shares and must deliver up to that number of shares, or their cash value, at settlement in May 2027, with a floor price of $261.94 and a cap of $605.08. He keeps beneficial ownership of the pledged shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-series-a-2018","record":{"id":"c-kkr-series-a-2018","kind":"fact","text":"In August 2018 AppLovin sold 109,090,908 shares of Series A convertible preferred stock to KKR Denali Holdings L.P. for $399,999,996. Herald Chen, later AppLovin's President and Chief Financial Officer, was affiliated with KKR at the time of the transaction and is a limited partner in KKR Denali and other KKR entities.","source_ids":["src-006"],"entity_ids":["applovin","kkr-denali","herald-chen","kkr"],"qualification":"","response":"","outcome":""},"reading":"Fact: In August 2018 AppLovin sold 109,090,908 shares of Series A convertible preferred stock to KKR Denali Holdings L.P. for $399,999,996. Herald Chen, later AppLovin's President and Chief Financial Officer, was affiliated with KKR at the time of the transaction and is a limited partner in KKR Denali and other KKR entities."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-chen-signatory","record":{"id":"c-kkr-chen-signatory","kind":"fact","text":"Herald Chen signed AppLovin's Investors' Rights Agreement of August 15, 2018 on behalf of KKR Denali Holdings, L.P. as President of its general partner, KKR Denali Holdings GP LLC.","source_ids":["src-052"],"entity_ids":["herald-chen","kkr-denali","kkr-denali-gp","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Herald Chen signed AppLovin's Investors' Rights Agreement of August 15, 2018 on behalf of KKR Denali Holdings, L.P. as President of its general partner, KKR Denali Holdings GP LLC."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-chen-led-investment","record":{"id":"c-kkr-chen-led-investment","kind":"fact","text":"GoDaddy's director profile of Herald Chen states that he headed KKR's technology, media and telecom investing from April 2007 to October 2019 and led the firm's investment in AppLovin.","source_ids":["src-013"],"entity_ids":["herald-chen","kkr","applovin","godaddy"],"qualification":"This is a biography published by another company on whose board Chen sits; AppLovin's own proxy dates his KKR role 2007 to 2019 without describing the investment.","response":"","outcome":""},"reading":"Fact: GoDaddy's director profile of Herald Chen states that he headed KKR's technology, media and telecom investing from April 2007 to October 2019 and led the firm's investment in AppLovin."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-ipo-chain","record":{"id":"c-kkr-ipo-chain","kind":"fact","text":"Before AppLovin's IPO, KKR Denali Holdings L.P. directly owned 110,550,489 Class B shares, 73.6% of that class and 69.3% of the voting power. The prospectus lists the KKR entities that may be deemed to share beneficial ownership, starting with KKR Denali Holdings GP LLC as general partner and KKR Americas Fund XII L.P. as its managing member and ending with KKR & Co. Inc., KKR Management LLP and its founding partners Henry R. Kravis and George R. Roberts.","source_ids":["src-006"],"entity_ids":["kkr-denali","applovin","kkr-denali-gp","kkr-americas-fund-xii","kkr-co-inc"],"qualification":"","response":"","outcome":""},"reading":"Fact: Before AppLovin's IPO, KKR Denali Holdings L.P. directly owned 110,550,489 Class B shares, 73.6% of that class and 69.3% of the voting power. The prospectus lists the KKR entities that may be deemed to share beneficial ownership, starting with KKR Denali Holdings GP LLC as general partner and KKR Americas Fund XII L.P. as its managing member and ending with KKR & Co. Inc., KKR Management LLP and its founding partners Henry R. Kravis and George R. Roberts."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-board-rights","record":{"id":"c-kkr-board-rights","kind":"fact","text":"KKR Denali was represented on AppLovin's board throughout its investment. Under the voting agreement of November 12, 2019, Edward Oberwager and Cathy Sun were elected as designees of the Series A preferred holders. After the IPO a Director Nominations Agreement let KKR Denali nominate one director while it kept at least 25% of its pre-IPO Class B shares (Oberwager was its designee in 2023) and approve one independent nominee while it held at least 5% of the shares; the 2023 proxy names Margo Georgiadis as the independent director so approved. In 2024 KKR Denali fell below both thresholds and the agreement terminated.","source_ids":["src-006","src-010","src-041"],"entity_ids":["kkr-denali","applovin","edward-oberwager","cathy-sun","margaret-georgiadis"],"qualification":"","response":"","outcome":""},"reading":"Fact: KKR Denali was represented on AppLovin's board throughout its investment. Under the voting agreement of November 12, 2019, Edward Oberwager and Cathy Sun were elected as designees of the Series A preferred holders. After the IPO a Director Nominations Agreement let KKR Denali nominate one director while it kept at least 25% of its pre-IPO Class B shares (Oberwager was its designee in 2023) and approve one independent nominee while it held at least 5% of the shares; the 2023 proxy names Margo Georgiadis as the independent director so approved. In 2024 KKR Denali fell below both thresholds and the agreement terminated."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-credit-agreement","record":{"id":"c-kkr-credit-agreement","kind":"fact","text":"KKR Capital Markets LLC, a KKR affiliate, was joint lead arranger and joint bookrunner for AppLovin's 2018 Credit Agreement and was paid $1.5 million in 2020, $2.3 million in 2021, nothing in 2022, $1.2 million in 2023 and $0.1 million in 2024 in connection with it. A KKR Denali affiliate was among the lenders of $150.0 million and $250.0 million borrowed under the revolving facility in November 2020 and March 2021, repaid from the IPO proceeds in April 2021, and KKR Corporate Lending (CA) LLC provided $15.0 million of revolving commitments. The 2018 Credit Agreement was terminated in December 2024.","source_ids":["src-002","src-034"],"entity_ids":["kkr-capital-markets","applovin","kkr-corporate-lending","kkr-denali"],"qualification":"","response":"","outcome":""},"reading":"Fact: KKR Capital Markets LLC, a KKR affiliate, was joint lead arranger and joint bookrunner for AppLovin's 2018 Credit Agreement and was paid $1.5 million in 2020, $2.3 million in 2021, nothing in 2022, $1.2 million in 2023 and $0.1 million in 2024 in connection with it. A KKR Denali affiliate was among the lenders of $150.0 million and $250.0 million borrowed under the revolving facility in November 2020 and March 2021, repaid from the IPO proceeds in April 2021, and KKR Corporate Lending (CA) LLC provided $15.0 million of revolving commitments. The 2018 Credit Agreement was terminated in December 2024."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-capital-markets-fees","record":{"id":"c-kkr-capital-markets-fees","kind":"fact","text":"KKR Capital Markets LLC also acted as an underwriter of AppLovin's April 2021 IPO, receiving about $5.9 million in underwriting discounts and commissions, and was paid $5.0 million in March 2022 as independent financial adviser on the December 2021 secondary offering of Class A shares.","source_ids":["src-010","src-056"],"entity_ids":["kkr-capital-markets","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: KKR Capital Markets LLC also acted as an underwriter of AppLovin's April 2021 IPO, receiving about $5.9 million in underwriting discounts and commissions, and was paid $5.0 million in March 2022 as independent financial adviser on the December 2021 secondary offering of Class A shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-exit","record":{"id":"c-kkr-exit","kind":"fact","text":"KKR Denali sold its AppLovin stake between 2023 and 2024. AppLovin repurchased 15,952,381 Class A shares from it in May 2023 at $21 a share ($335.0 million) and 15,000,000 in August 2023 at $36.85 ($552.8 million). In a February 2024 secondary offering KKR Denali sold 19,866,397 shares through underwriters represented by BofA Securities, Inc., and on March 6, 2024 AppLovin bought back 10,466,397 of them at the offering price of $54.46. By September 30, 2024 KKR Denali's beneficial holding was 5,342,283 shares (about 1.8% of Class A); during 2024 it converted its remaining Class B shares, sold all its shares and ceased to be a related party by December 31, 2024.","source_ids":["src-002","src-070"],"entity_ids":["kkr-denali","applovin","bofa-securities"],"qualification":"","response":"","outcome":""},"reading":"Fact: KKR Denali sold its AppLovin stake between 2023 and 2024. AppLovin repurchased 15,952,381 Class A shares from it in May 2023 at $21 a share ($335.0 million) and 15,000,000 in August 2023 at $36.85 ($552.8 million). In a February 2024 secondary offering KKR Denali sold 19,866,397 shares through underwriters represented by BofA Securities, Inc., and on March 6, 2024 AppLovin bought back 10,466,397 of them at the offering price of $54.46. By September 30, 2024 KKR Denali's beneficial holding was 5,342,283 shares (about 1.8% of Class A); during 2024 it converted its remaining Class B shares, sold all its shares and ceased to be a related party by December 31, 2024."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-hsr-applovin","record":{"id":"c-kkr-hsr-applovin","kind":"attributed","text":"In a complaint filed on January 14, 2025 in the U.S. District Court for the Southern District of New York (United States v. KKR & Co. Inc., et al., No. 1:25-cv-343-LTS), the Justice Department's Antitrust Division alleged that KKR entities failed to make complete and accurate premerger filings under the Hart-Scott-Rodino Act at least sixteen times. Count 15 alleges that KKR Americas Fund XII L.P. acquired additional voting shares of AppLovin on April 19, 2021 for about $6.9 billion without filing first, and that a corrective filing was made only on December 3, 2021; the defendants in that count are KKR & Co. Inc., KKR & Co. GP LLC, Kohlberg Kravis Roberts & Co. L.P. and KKR Americas Fund XII L.P.","source_ids":["src-077"],"entity_ids":["us-doj","kkr-co-inc","kkr-co-gp-llc","kkr","kkr-americas-fund-xii","applovin"],"qualification":"These are allegations in a government complaint; the defendants consented to a proposed judgment without any admission or adjudication of fact or law, and AppLovin is not a defendant.","response":"According to the Justice Department, KKR told the FTC in December 2021 that the failures to file were inadvertent and arose from an unusual and unanticipated set of circumstances related to the timing of a complicated restructuring transaction, and made corrective filings for both transactions.","outcome":"A proposed final judgment filed on August 26, 2026 requires KKR & Co. GP LLC to pay a $250 million civil penalty within 30 days of its entry; the Federal Register notice of September 4, 2026 opened a 60-day comment period, so the judgment had not been entered in the record.","adverse_subject_ids":["kkr-co-inc","kkr-co-gp-llc","kkr","kkr-americas-fund-xii"]},"reading":"Attributed: In a complaint filed on January 14, 2025 in the U.S. District Court for the Southern District of New York (United States v. KKR & Co. Inc., et al., No. 1:25-cv-343-LTS), the Justice Department's Antitrust Division alleged that KKR entities failed to make complete and accurate premerger filings under the Hart-Scott-Rodino Act at least sixteen times. Count 15 alleges that KKR Americas Fund XII L.P. acquired additional voting shares of AppLovin on April 19, 2021 for about $6.9 billion without filing first, and that a corrective filing was made only on December 3, 2021; the defendants in that count are KKR & Co. Inc., KKR & Co. GP LLC, Kohlberg Kravis Roberts & Co. L.P. and KKR Americas Fund XII L.P."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-hsr-adjust","record":{"id":"c-kkr-hsr-adjust","kind":"attributed","text":"Count 16 of the Justice Department's complaint, against the same defendants, alleges that on April 22, 2021 KKR Americas Fund XII L.P. indirectly acquired Adjust, through AppLovin's purchase, for between $376 million and $919 million without a prior premerger filing, again corrected on December 3, 2021.","source_ids":["src-077"],"entity_ids":["us-doj","kkr-americas-fund-xii","adjust-gmbh","applovin","kkr-co-inc","kkr-co-gp-llc","kkr"],"qualification":"These are allegations in a government complaint; the defendants consented to a proposed judgment without any admission or adjudication of fact or law, and AppLovin is not a defendant.","response":"According to the Justice Department, KKR told the FTC in December 2021 that the failures to file were inadvertent and arose from an unusual and unanticipated set of circumstances related to the timing of a complicated restructuring transaction, and made corrective filings for both transactions.","outcome":"A proposed final judgment filed on August 26, 2026 requires KKR & Co. GP LLC to pay a $250 million civil penalty within 30 days of its entry; the Federal Register notice of September 4, 2026 opened a 60-day comment period, so the judgment had not been entered in the record.","adverse_subject_ids":["kkr-americas-fund-xii","kkr-co-inc","kkr-co-gp-llc","kkr"]},"reading":"Attributed: Count 16 of the Justice Department's complaint, against the same defendants, alleges that on April 22, 2021 KKR Americas Fund XII L.P. indirectly acquired Adjust, through AppLovin's purchase, for between $376 million and $919 million without a prior premerger filing, again corrected on December 3, 2021."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-kkr-structure","record":{"id":"c-kkr-structure","kind":"fact","text":"The Justice Department's complaint describes KKR & Co. Inc. as owning and controlling KKR & Co. GP LLC, which is the sole general partner of Kohlberg Kravis Roberts & Co. L.P., the parent of KKR's global asset-management business.","source_ids":["src-077"],"entity_ids":["kkr-co-inc","kkr-co-gp-llc","kkr"],"qualification":"","response":"","outcome":""},"reading":"Fact: The Justice Department's complaint describes KKR & Co. Inc. as owning and controlling KKR & Co. GP LLC, which is the sole general partner of Kohlberg Kravis Roberts & Co. L.P., the parent of KKR's global asset-management business."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-2016-agreement","record":{"id":"c-hon-2016-agreement","kind":"fact","text":"In September 2016 AppLovin agreed to sell a majority stake to the Chinese private-equity firm Orient Hontai Capital at an enterprise value of $1.42 billion; the deal was announced to employees and was expected to close by the end of 2016. Adam Foroughi was then chief executive and the company's only director.","source_ids":["src-101"],"entity_ids":["applovin","orient-hontai","adam-foroughi"],"qualification":"Reported by the business press at the time; no AppLovin filing in the record describes the 2016 agreement.","response":"","outcome":""},"reading":"Fact: In September 2016 AppLovin agreed to sell a majority stake to the Chinese private-equity firm Orient Hontai Capital at an enterprise value of $1.42 billion; the deal was announced to employees and was expected to close by the end of 2016. Adam Foroughi was then chief executive and the company's only director."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-2017-financing","record":{"id":"c-hon-2017-financing","kind":"fact","text":"In November 2017 Adam Foroughi announced that the outright acquisition would not go ahead; instead Orient Hontai provided $841 million of debt financing, in addition to a 9.98% stake it had acquired in January 2017 for $140 million. Foroughi said the financing allowed the founders to keep full control of the business; the press report attributed the abandonment of the purchase to opposition from the U.S. government.","source_ids":["src-108"],"entity_ids":["applovin","orient-hontai","adam-foroughi"],"qualification":"Reported by the business press; the record contains no CFIUS decision and no AppLovin filing describing the 2017 financing.","response":"","outcome":""},"reading":"Fact: In November 2017 Adam Foroughi announced that the outright acquisition would not go ahead; instead Orient Hontai provided $841 million of debt financing, in addition to a 9.98% stake it had acquired in January 2017 for $140 million. Foroughi said the financing allowed the founders to keep full control of the business; the press report attributed the abandonment of the purchase to opposition from the U.S. government."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-culper-history","record":{"id":"c-hon-culper-history","kind":"attributed","text":"Culper Research's June 2025 report says that the 2016 sale was blocked by the U.S. Committee on Foreign Investment (CFIUS), that Orient Hontai instead took a $140 million stake and bought $841 million of new convertible notes in September and November 2017, and that AppLovin repaid the notes in July 2018 at a loss of $423 million, which Culper connects with Adam Foroughi's April 2025 remark that KKR's 2018 investment was made \"to clear out the Chinese investor\".","source_ids":["src-079"],"entity_ids":["applovin","orient-hontai","adam-foroughi","kkr-denali"],"qualification":"Culper Research published this while holding a short position in AppLovin; the account is its own and was not adopted by AppLovin or any authority in the record. The 2017 amounts match contemporaneous press reports; the CFIUS decision and the 2018 repayment loss are not documented by any filing in the record.","response":"","outcome":""},"reading":"Attributed: Culper Research's June 2025 report says that the 2016 sale was blocked by the U.S. Committee on Foreign Investment (CFIUS), that Orient Hontai instead took a $140 million stake and bought $841 million of new convertible notes in September and November 2017, and that AppLovin repaid the notes in July 2018 at a loss of $423 million, which Culper connects with Adam Foroughi's April 2025 remark that KKR's 2018 investment was made \"to clear out the Chinese investor\"."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-ira-2018","record":{"id":"c-hon-ira-2018","kind":"fact","text":"AppLovin's Investors' Rights Agreement of August 15, 2018 lists two investors, KKR Denali Holdings, L.P. and Applovin Holdings LLC (with an address in Beijing). The agreement defines \"Hontai\" as Applovin Holdings LLC and \"Hontai GP\" as Orient Hontai Capital Investment (Chengdu) Co., Ltd., a PRC corporation, and its stockholders, and lets Hontai count up to five limited partners or affiliates of Hontai GP as its affiliates; Hontai remained a \"Major Investor\" while holding at least 8,698,137 registrable shares.","source_ids":["src-052"],"entity_ids":["applovin","applovin-holdings-llc","orient-hontai","kkr-denali"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's Investors' Rights Agreement of August 15, 2018 lists two investors, KKR Denali Holdings, L.P. and Applovin Holdings LLC (with an address in Beijing). The agreement defines \"Hontai\" as Applovin Holdings LLC and \"Hontai GP\" as Orient Hontai Capital Investment (Chengdu) Co., Ltd., a PRC corporation, and its stockholders, and lets Hontai count up to five limited partners or affiliates of Hontai GP as its affiliates; Hontai remained a \"Major Investor\" while holding at least 8,698,137 registrable shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-yuntao-ma","record":{"id":"c-hon-yuntao-ma","kind":"fact","text":"Yuntao Ma signed the 2018 Investors' Rights Agreement as director of Applovin Holdings LLC, and the same name appears as authorised signatory of Hontai App Fund Limited Partnership, Hontai Capital Cayman Inc. and Yunjoy Capital Cayman Inc. in their 2024 Schedule 13G amendment.","source_ids":["src-052","src-017"],"entity_ids":["yuntao-ma","applovin-holdings-llc","hontai-app-fund","hontai-capital-cayman","yunjoy","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Yuntao Ma signed the 2018 Investors' Rights Agreement as director of Applovin Holdings LLC, and the same name appears as authorised signatory of Hontai App Fund Limited Partnership, Hontai Capital Cayman Inc. and Yunjoy Capital Cayman Inc. in their 2024 Schedule 13G amendment."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-warrant-2019","record":{"id":"c-hon-warrant-2019","kind":"fact","text":"On January 3, 2019 AppLovin and Applovin Holdings LLC entered into a Warrant Transfer Agreement under which a common-stock warrant issued in connection with earlier debt financing was transferred to Angel Pride Holdings Limited (26,021,583 Class A shares) and Hontai App Fund Limited Partnership (8,794,734 shares); the two holders then exercised it, paying $868 and $293 respectively.","source_ids":["src-006"],"entity_ids":["applovin","applovin-holdings-llc","angel-pride","hontai-app-fund"],"qualification":"","response":"","outcome":""},"reading":"Fact: On January 3, 2019 AppLovin and Applovin Holdings LLC entered into a Warrant Transfer Agreement under which a common-stock warrant issued in connection with earlier debt financing was transferred to Angel Pride Holdings Limited (26,021,583 Class A shares) and Hontai App Fund Limited Partnership (8,794,734 shares); the two holders then exercised it, paying $868 and $293 respectively."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-fund-structure","record":{"id":"c-hon-fund-structure","kind":"fact","text":"Hontai App Fund Limited Partnership held 26,167,242 AppLovin Class A shares before the IPO (14.1% of the class). Its general partner is Hontai Capital Cayman Inc., whose controlling stockholder is Yunjoy Capital Cayman Inc.; all three, with an address in Grand Cayman, may be deemed to share voting or dispositive power over the shares, and they reported the same holding on Schedule 13G in February 2022.","source_ids":["src-006","src-010"],"entity_ids":["hontai-app-fund","hontai-capital-cayman","yunjoy","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Hontai App Fund Limited Partnership held 26,167,242 AppLovin Class A shares before the IPO (14.1% of the class). Its general partner is Hontai Capital Cayman Inc., whose controlling stockholder is Yunjoy Capital Cayman Inc.; all three, with an address in Grand Cayman, may be deemed to share voting or dispositive power over the shares, and they reported the same holding on Schedule 13G in February 2022."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-distribution-2023","record":{"id":"c-hon-distribution-2023","kind":"fact","text":"Hontai App Fund's 2024 Schedule 13G amendment reports that by December 31, 2023 the fund had distributed all of its AppLovin Class A shares to its limited partners, so that neither the fund, its general partner nor Yunjoy any longer owned AppLovin stock. The filing does not name the limited partners that received the shares.","source_ids":["src-017"],"entity_ids":["hontai-app-fund","hontai-capital-cayman","yunjoy","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Hontai App Fund's 2024 Schedule 13G amendment reports that by December 31, 2023 the fund had distributed all of its AppLovin Class A shares to its limited partners, so that neither the fund, its general partner nor Yunjoy any longer owned AppLovin stock. The filing does not name the limited partners that received the shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-midterm-link-claim","record":{"id":"c-hon-midterm-link-claim","kind":"attributed","text":"Culper Research asserted that Hontai App Fund's 2023 distribution went mainly to Midterm Success Limited, a company of Hao Tang: it noted that Midterm's first Schedule 13G, filed eight days after a Hontai filing reporting the distribution, showed 23,167,242 shares.","source_ids":["src-005","src-010","src-079"],"entity_ids":["hontai-app-fund","midterm-success","hao-tang","applovin"],"qualification":"Culper Research published this while holding a short position in AppLovin; the account is its own and was not adopted by AppLovin or any authority in the record. The filings in the record show Hontai App Fund last holding 26,167,242 shares, exactly 3,000,000 more than Midterm Success's first reported holding, but no retained filing states where Midterm Success's shares came from.","response":"","outcome":""},"reading":"Attributed: Culper Research asserted that Hontai App Fund's 2023 distribution went mainly to Midterm Success Limited, a company of Hao Tang: it noted that Midterm's first Schedule 13G, filed eight days after a Hontai filing reporting the distribution, showed 23,167,242 shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-kunshan-claim","record":{"id":"c-hon-kunshan-claim","kind":"attributed","text":"Culper Research also asserted, citing Hong Kong company records that are not in the record, that Hao Tang and Orient Hontai's chief executive Yuntao Ma were co-directors of a Hong Kong company, Kunshan Technology Investment (HK) Limited, and that AppLovin had issued convertible notes in September 2017 to Applovin Holdings LLC and to a \"Kuntai\" company before the warrant was transferred.","source_ids":["src-079"],"entity_ids":["hao-tang","yuntao-ma","orient-hontai","applovin-holdings-llc","applovin"],"qualification":"Culper Research published this while holding a short position in AppLovin; the account is its own and was not adopted by AppLovin or any authority in the record. The registry records and note terms it cites are not retained; Yuntao Ma's role as signatory for the Hontai entities is documented, his role at Orient Hontai is not.","response":"","outcome":""},"reading":"Attributed: Culper Research also asserted, citing Hong Kong company records that are not in the record, that Hao Tang and Orient Hontai's chief executive Yuntao Ma were co-directors of a Hong Kong company, Kunshan Technology Investment (HK) Limited, and that AppLovin had issued convertible notes in September 2017 to Applovin Holdings LLC and to a \"Kuntai\" company before the warrant was transferred."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-hon-crypto-article-claim","record":{"id":"c-hon-crypto-article-claim","kind":"attributed","text":"A May 2026 article in a crypto-news section of a financial website called Hao Tang the architect of the 2016 Orient Hontai deal, said CFIUS had stopped it the following year because of Hontai's relationship with a state-connected financial institution without any finding against AppLovin or Tang, and described Hontai App Fund as connected to Tang and Angel Pride as controlled by his sister.","source_ids":["src-114"],"entity_ids":["hao-tang","orient-hontai","hontai-app-fund","angel-pride","ling-tang","applovin"],"qualification":"A single unsigned article whose form suggests sponsored content; no filing in the record links Hao Tang to Orient Hontai or Hontai App Fund, or records a family relationship.","response":"","outcome":""},"reading":"Attributed: A May 2026 article in a crypto-news section of a financial website called Hao Tang the architect of the 2016 Orient Hontai deal, said CFIUS had stopped it the following year because of Hontai's relationship with a state-connected financial institution without any finding against AppLovin or Tang, and described Hontai App Fund as connected to Tang and Angel Pride as controlled by his sister."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-ipo","record":{"id":"c-ap-ipo","kind":"fact","text":"Angel Pride Holdings Limited held 26,021,583 AppLovin Class A shares before the April 2021 IPO, 14.0% of the class. The prospectus names Tang Ling as Angel Pride's shareholder and sole director, and Angel Pride's amended Form 3 states that Ms. Tang holds voting and investment discretion over its shares and may be deemed their beneficial owner, while disclaiming beneficial ownership beyond any pecuniary interest. The SEC's insider register lists Angel Pride as a 10% owner from April 14, 2021.","source_ids":["src-006","src-012","src-029"],"entity_ids":["angel-pride","ling-tang","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Angel Pride Holdings Limited held 26,021,583 AppLovin Class A shares before the April 2021 IPO, 14.0% of the class. The prospectus names Tang Ling as Angel Pride's shareholder and sole director, and Angel Pride's amended Form 3 states that Ms. Tang holds voting and investment discretion over its shares and may be deemed their beneficial owner, while disclaiming beneficial ownership beyond any pecuniary interest. The SEC's insider register lists Angel Pride as a 10% owner from April 14, 2021."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-2023","record":{"id":"c-ap-2023","kind":"fact","text":"In a Schedule 13G amendment filed in February 2024, Angel Pride and Ling Tang reported 20,493,747 AppLovin Class A shares as of December 31, 2023 (7.7% of the class), held of record by Angel Pride, of which Ling Tang was the shareholder and sole director with voting and investment discretion.","source_ids":["src-018"],"entity_ids":["angel-pride","ling-tang","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: In a Schedule 13G amendment filed in February 2024, Angel Pride and Ling Tang reported 20,493,747 AppLovin Class A shares as of December 31, 2023 (7.7% of the class), held of record by Angel Pride, of which Ling Tang was the shareholder and sole director with voting and investment discretion."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-proxy-tables","record":{"id":"c-ap-proxy-tables","kind":"fact","text":"AppLovin's proxy statements for 2022 and 2023, which list holders above 5% as of March 31 of each year, do not include Angel Pride Holdings Limited, although Angel Pride held 14.0% before the 2021 IPO and reported 7.7% as of December 31, 2023 in its own filing. The 2025 and 2026 proxies list it again, at 5.6%.","source_ids":["src-056","src-010","src-018","src-041","src-001","src-006"],"entity_ids":["applovin","angel-pride"],"qualification":"The proxy tables and Angel Pride's own filings are dated differently, and the record does not show Angel Pride's exact holding on March 31, 2022 or 2023.","response":"","outcome":""},"reading":"Fact: AppLovin's proxy statements for 2022 and 2023, which list holders above 5% as of March 31 of each year, do not include Angel Pride Holdings Limited, although Angel Pride held 14.0% before the 2021 IPO and reported 7.7% as of December 31, 2023 in its own filing. The 2025 and 2026 proxies list it again, at 5.6%."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-2024-transfer","record":{"id":"c-ap-2024-transfer","kind":"fact","text":"Angel Pride's Schedule 13G amendment signed in October 2024 reports that, from an event date of September 17, 2024, its sole shareholder was Prominence Trust Limited of Hong Kong; Angel Pride and Prominence Trust reported shared voting and dispositive power over 20,493,747 Class A shares (6.9%) and moved from the filing rule used for exempt holders to the one used by passive investors. A separate amendment by Ling Tang dated October 21, 2024 reports that she no longer beneficially owned any AppLovin shares.","source_ids":["src-023","src-015"],"entity_ids":["angel-pride","prominence-trust","ling-tang","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Angel Pride's Schedule 13G amendment signed in October 2024 reports that, from an event date of September 17, 2024, its sole shareholder was Prominence Trust Limited of Hong Kong; Angel Pride and Prominence Trust reported shared voting and dispositive power over 20,493,747 Class A shares (6.9%) and moved from the filing rule used for exempt holders to the one used by passive investors. A separate amendment by Ling Tang dated October 21, 2024 reports that she no longer beneficially owned any AppLovin shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-2025","record":{"id":"c-ap-2025","kind":"fact","text":"Angel Pride and Prominence Trust's Schedule 13G amendment of January 30, 2025 reports 17,244,541 Class A shares as of December 31, 2024 (5.8%). AppLovin's 2025 and 2026 proxy statements rely on this filing, list Angel Pride at 5.6% and describe Prominence Trust as Angel Pride's sole shareholder that may be deemed to share beneficial ownership; Angel Pride's principal business address is the Vistra Corporate Services Centre in Road Town, Tortola, and Prominence Trust's is 18/F, Three Exchange Square, Central, Hong Kong.","source_ids":["src-003","src-001"],"entity_ids":["angel-pride","prominence-trust","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Angel Pride and Prominence Trust's Schedule 13G amendment of January 30, 2025 reports 17,244,541 Class A shares as of December 31, 2024 (5.8%). AppLovin's 2025 and 2026 proxy statements rely on this filing, list Angel Pride at 5.6% and describe Prominence Trust as Angel Pride's sole shareholder that may be deemed to share beneficial ownership; Angel Pride's principal business address is the Vistra Corporate Services Centre in Road Town, Tortola, and Prominence Trust's is 18/F, Three Exchange Square, Central, Hong Kong."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-signatory","record":{"id":"c-ap-signatory","kind":"fact","text":"The Schedule 13G amendments of October 2024 and January 2025 for both Angel Pride and Prominence Trust were signed by one authorised signatory, CHENG Hong Wai. An SEC full-text search finds his name only in these Angel Pride filings concerning AppLovin. None of the filings names the beneficiaries behind Prominence Trust.","source_ids":["src-003","src-054"],"entity_ids":["cheng-hong-wai","angel-pride","prominence-trust","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: The Schedule 13G amendments of October 2024 and January 2025 for both Angel Pride and Prominence Trust were signed by one authorised signatory, CHENG Hong Wai. An SEC full-text search finds his name only in these Angel Pride filings concerning AppLovin. None of the filings names the beneficiaries behind Prominence Trust."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-prominence","record":{"id":"c-ap-prominence","kind":"fact","text":"Prominence Trust Limited is a Hong Kong trust company licensed as a trust or company service provider (licence TC007284) and registered under section 78(1) of the Trustee Ordinance. An SEC full-text search finds the name only in seven filings, all relating to AppLovin and Angel Pride. The licensee list gives a business address in Des Voeux Road Central, different from the Three Exchange Square address in the Schedule 13G filings.","source_ids":["src-109","src-053"],"entity_ids":["prominence-trust","applovin","angel-pride"],"qualification":"The licence details are read in a third-party reprint of the official licensee list; incorporation and registered-office details appear only in a business directory.","response":"","outcome":""},"reading":"Fact: Prominence Trust Limited is a Hong Kong trust company licensed as a trust or company service provider (licence TC007284) and registered under section 78(1) of the Trustee Ordinance. An SEC full-text search finds the name only in seven filings, all relating to AppLovin and Angel Pride. The licensee list gives a business address in Des Voeux Road Central, different from the Three Exchange Square address in the Schedule 13G filings."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-gleif","record":{"id":"c-ap-gleif","kind":"fact","text":"The GLEIF record for Angel Pride Holdings Limited (LEI 2549006J8NJDOLB5OQ51, issued December 13, 2021) shows a British Virgin Islands company with registration number 1991856, created in September 2018, at the Vistra address in Road Town. Instead of naming a parent, it records a reporting exception for its ultimate consolidating parent with the reason \"no known person\".","source_ids":["src-074","src-075"],"entity_ids":["angel-pride"],"qualification":"A reporting exception describes the absence of a consolidating legal-entity parent; it does not identify or exclude a natural-person beneficial owner or the beneficiaries of a trust.","response":"","outcome":""},"reading":"Fact: The GLEIF record for Angel Pride Holdings Limited (LEI 2549006J8NJDOLB5OQ51, issued December 13, 2021) shows a British Virgin Islands company with registration number 1991856, created in September 2018, at the Vistra address in Road Town. Instead of naming a parent, it records a reporting exception for its ultimate consolidating parent with the reason \"no known person\"."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-trademarks","record":{"id":"c-ap-trademarks","kind":"fact","text":"The Hong Kong Intellectual Property Department's journal of November 19, 2021 accepted for registration two applications filed on October 19, 2021 by AP Investment Capital Company Limited, one for the mark \"Angel Pride Holdings Limited\" and one for a series of \"Angel Pride\" marks, both in classes 35 and 36. The applicant's address is 18/F, Three Exchange Square, 8 Connaught Place, Central.","source_ids":["src-093"],"entity_ids":["ap-investment-capital","angel-pride"],"qualification":"","response":"","outcome":""},"reading":"Fact: The Hong Kong Intellectual Property Department's journal of November 19, 2021 accepted for registration two applications filed on October 19, 2021 by AP Investment Capital Company Limited, one for the mark \"Angel Pride Holdings Limited\" and one for a series of \"Angel Pride\" marks, both in classes 35 and 36. The applicant's address is 18/F, Three Exchange Square, 8 Connaught Place, Central."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-three-exchange-square","record":{"id":"c-ap-three-exchange-square","kind":"fact","text":"The same floor address, 18/F Three Exchange Square in Central, Hong Kong, appears for Tang Hao and Discovery Key Investments Limited in a March 2020 Schedule 13D amendment, for AP Investment Capital Company Limited in the October 2021 trademark applications and for Prominence Trust Limited in the 2024-2025 Schedule 13G filings on Angel Pride.","source_ids":["src-089","src-093","src-023"],"entity_ids":["hao-tang","discovery-key","ap-investment-capital","prominence-trust","angel-pride"],"qualification":"A shared office or agent address does not by itself show common ownership, control or coordination.","response":"","outcome":""},"reading":"Fact: The same floor address, 18/F Three Exchange Square in Central, Hong Kong, appears for Tang Hao and Discovery Key Investments Limited in a March 2020 Schedule 13D amendment, for AP Investment Capital Company Limited in the October 2021 trademark applications and for Prominence Trust Limited in the 2024-2025 Schedule 13G filings on Angel Pride."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-wing-hong-street","record":{"id":"c-ap-wing-hong-street","kind":"fact","text":"Ling Tang's 2024 Schedule 13G amendment gives a Hong Kong address in Global Gateway Tower, 61-63 Wing Hong Street, Lai Chi Kok, and Hao Tang's 2023 Schedule 13G gives a business address at 26 Wing Hong Street in the same district.","source_ids":["src-015","src-005"],"entity_ids":["ling-tang","hao-tang"],"qualification":"A shared office or agent address does not by itself show common ownership, control or coordination.","response":"","outcome":""},"reading":"Fact: Ling Tang's 2024 Schedule 13G amendment gives a Hong Kong address in Global Gateway Tower, 61-63 Wing Hong Street, Lai Chi Kok, and Hao Tang's 2023 Schedule 13G gives a business address at 26 Wing Hong Street in the same district."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-bvi-confirmation-2023","record":{"id":"c-ap-bvi-confirmation-2023","kind":"fact","text":"An image of a British Virgin Islands register filing reproduced in Culper Research's June 2025 report records, for company number 1991856 (Angel Pride's number in the GLEIF record), a master confirmation dated June 2, 2023 with J.P. Morgan Securities plc, with JPMorgan Chase Bank, National Association as collateral agent and secured party; the filing is dated June 5, 2023 and Culper describes the underlying transaction as a share forward.","source_ids":["src-079"],"entity_ids":["angel-pride","jpm-securities-plc","jpmorgan-bank"],"qualification":"Read only in an image reproduced in a short seller's report; the BVI register itself was not consulted, and no AppLovin or holder filing in the record mentions the arrangement.","response":"","outcome":""},"reading":"Fact: An image of a British Virgin Islands register filing reproduced in Culper Research's June 2025 report records, for company number 1991856 (Angel Pride's number in the GLEIF record), a master confirmation dated June 2, 2023 with J.P. Morgan Securities plc, with JPMorgan Chase Bank, National Association as collateral agent and secured party; the filing is dated June 5, 2023 and Culper describes the underlying transaction as a share forward."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-culper-charges","record":{"id":"c-ap-culper-charges","kind":"attributed","text":"Culper Research asserted, citing BVI register filings, that JPMorgan registered a charge against Angel Pride in January 2022 for a margin loan secured on securities in an account at JPMorgan, added charges in August 2024 covering margin-loan, ISDA and account-control agreements, that Angel Pride's amended memorandum shows the margin loan guaranteed by \"Mr. Tang Hao\", and that HSBC registered a charge against Midterm Success Limited in April 2024 for a banking facility including margin trading; it said the charges were still open in May 2025 and had not been disclosed to AppLovin investors.","source_ids":["src-079"],"entity_ids":["angel-pride","jpmorgan-bank","hao-tang","midterm-success","hsbc"],"qualification":"Culper Research published this while holding a short position in AppLovin; the account is its own and was not adopted by AppLovin or any authority in the record. The guarantee document and the January 2022 and April 2024 charges are not reproduced in legible form in the record.","response":"","outcome":""},"reading":"Attributed: Culper Research asserted, citing BVI register filings, that JPMorgan registered a charge against Angel Pride in January 2022 for a margin loan secured on securities in an account at JPMorgan, added charges in August 2024 covering margin-loan, ISDA and account-control agreements, that Angel Pride's amended memorandum shows the margin loan guaranteed by \"Mr. Tang Hao\", and that HSBC registered a charge against Midterm Success Limited in April 2024 for a banking facility including margin trading; it said the charges were still open in May 2025 and had not been disclosed to AppLovin investors."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-culper-control","record":{"id":"c-ap-culper-control","kind":"attributed","text":"In its June 2025 report Culper Research alleged that AppLovin had been backed since at least 2017 by Hao Tang, who in its view controlled, through offshore companies, up to 28% of the Class A shares before the IPO (Angel Pride and Hontai App Fund together) and at least 9.8% at the time of the report. Besides the guarantee, Culper cited AP Investment Capital's trademark applications (saying Hong Kong records name Hao Tang as its sole director), Angel Pride directors it described as Tang proxies, an officer it said holds the same position at Prominence Trust and at Tang's Goldenway group, and addresses shared with other companies it attributes to Tang.","source_ids":["src-079"],"entity_ids":["hao-tang","angel-pride","hontai-app-fund","ap-investment-capital","prominence-trust","applovin"],"qualification":"Culper Research published this while holding a short position in AppLovin; the account is its own and was not adopted by AppLovin or any authority in the record. The 28% figure equals the two holders' combined pre-IPO stakes in the prospectus, but SEC filings attribute Angel Pride's shares to Ling Tang and then Prominence Trust, not to Hao Tang; the Hong Kong and BVI records Culper cites for directors and officers are not retained.","response":"","outcome":""},"reading":"Attributed: In its June 2025 report Culper Research alleged that AppLovin had been backed since at least 2017 by Hao Tang, who in its view controlled, through offshore companies, up to 28% of the Class A shares before the IPO (Angel Pride and Hontai App Fund together) and at least 9.8% at the time of the report. Besides the guarantee, Culper cited AP Investment Capital's trademark applications (saying Hong Kong records name Hao Tang as its sole director), Angel Pride directors it described as Tang proxies, an officer it said holds the same position at Prominence Trust and at Tang's Goldenway group, and addresses shared with other companies it attributes to Tang."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-culper-disclosure","record":{"id":"c-ap-culper-disclosure","kind":"attributed","text":"Culper Research also alleged that AppLovin's disclosures about Angel Pride were irregular: that the company first described the holder as run by \"Mr. Tang Ling\" and later \"Ms. Ling Tang\", left Angel Pride out of its 2022 and 2023 proxy statements despite continued holdings, and described the 2024 repurchase of 3,000,000 shares as a transaction with Midterm Success; and that the stake of the holders it links to Tang fell below 10% of Class A within two weeks after the U.S. Supreme Court's January 17, 2025 TikTok ruling, which Culper read as transfers to undisclosed parties.","source_ids":["src-079"],"entity_ids":["applovin","angel-pride","ling-tang","midterm-success","hao-tang"],"qualification":"Culper Research published this while holding a short position in AppLovin; the account is its own and was not adopted by AppLovin or any authority in the record. The share counts Culper uses match the January 30, 2025 filings of Angel Pride (17,244,541 shares) and of Hao Tang's companies (9,969,535 and 2,000,000 shares); the filings do not say to whom any shares were transferred.","response":"","outcome":""},"reading":"Attributed: Culper Research also alleged that AppLovin's disclosures about Angel Pride were irregular: that the company first described the holder as run by \"Mr. Tang Ling\" and later \"Ms. Ling Tang\", left Angel Pride out of its 2022 and 2023 proxy statements despite continued holdings, and described the 2024 repurchase of 3,000,000 shares as a transaction with Midterm Success; and that the stake of the holders it links to Tang fell below 10% of Class A within two weeks after the U.S. Supreme Court's January 17, 2025 TikTok ruling, which Culper read as transfers to undisclosed parties."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-rich-lists","record":{"id":"c-ap-rich-lists","kind":"attributed","text":"Business-media rich lists published in 2025 and 2026 continued to treat Ling Tang as the owner of Angel Pride's AppLovin stake: a U.S. magazine's billionaire profile of March 2026 said she owns 5% of AppLovin through Angel Pride, a Canadian magazine's 2025 list put her holding at about 17.2 million shares (about 5.8%), and global rich lists in 2025 and 2026 ranked her by wealth derived from AppLovin.","source_ids":["src-004","src-115","src-104"],"entity_ids":["ling-tang","angel-pride","applovin"],"qualification":"Ling Tang's own October 2024 filing reports that she no longer beneficially owned any shares, after Prominence Trust became Angel Pride's sole shareholder; the lists do not explain their basis beyond SEC filings and may rely on earlier ones. They do not show that she is a beneficiary of Prominence Trust.","response":"","outcome":""},"reading":"Attributed: Business-media rich lists published in 2025 and 2026 continued to treat Ling Tang as the owner of Angel Pride's AppLovin stake: a U.S. magazine's billionaire profile of March 2026 said she owns 5% of AppLovin through Angel Pride, a Canadian magazine's 2025 list put her holding at about 17.2 million shares (about 5.8%), and global rich lists in 2025 and 2026 ranked her by wealth derived from AppLovin."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ap-sister-claim","record":{"id":"c-ap-sister-claim","kind":"attributed","text":"Short seller CapitalWatch, in a January 2026 report summarised by a Chinese online encyclopedia, and a May 2026 crypto-news article describe Ling Tang as Hao Tang's sister; the encyclopedia entry also repeats CapitalWatch's account, citing a French court record, that Hao Tang moved money to accounts of a company controlled by his sister.","source_ids":["src-104","src-114"],"entity_ids":["ling-tang","hao-tang"],"qualification":"No filing or register in the record states a family relationship between Ling Tang and Hao Tang. CapitalWatch's report itself was not retrieved, and in February 2026 CapitalWatch withdrew other statements about Tang, including its association of a French court ruling with him.","response":"","outcome":""},"reading":"Attributed: Short seller CapitalWatch, in a January 2026 report summarised by a Chinese online encyclopedia, and a May 2026 crypto-news article describe Ling Tang as Hao Tang's sister; the encyclopedia entry also repeats CapitalWatch's account, citing a French court record, that Hao Tang moved money to accounts of a company controlled by his sister."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-2023-holding","record":{"id":"c-ht-2023-holding","kind":"fact","text":"In a Schedule 13G dated October 6, 2023, Hao Tang reported beneficial ownership of 23,167,242 AppLovin Class A shares (8.4% of the class) as of September 26, 2023. The shares were held of record by Midterm Success Limited, a British Virgin Islands company wholly owned by Asian Creative Capital Limited, itself wholly owned by Hao Tang; Tang signed as director of Asian Creative Capital and Xuanhui Liu as director of Midterm Success.","source_ids":["src-005"],"entity_ids":["hao-tang","midterm-success","asian-creative","xuanhui-liu","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: In a Schedule 13G dated October 6, 2023, Hao Tang reported beneficial ownership of 23,167,242 AppLovin Class A shares (8.4% of the class) as of September 26, 2023. The shares were held of record by Midterm Success Limited, a British Virgin Islands company wholly owned by Asian Creative Capital Limited, itself wholly owned by Hao Tang; Tang signed as director of Asian Creative Capital and Xuanhui Liu as director of Midterm Success."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-vehicle-addresses","record":{"id":"c-ht-vehicle-addresses","kind":"fact","text":"The 2023 Schedule 13G gives Midterm Success's address at Sea Meadow House in Road Town, Tortola, and Asian Creative Capital's as care of the Vistra Corporate Services Centre in Road Town, the same registered-agent address that Angel Pride Holdings and Discovery Key Investments use.","source_ids":["src-005","src-001","src-011"],"entity_ids":["midterm-success","asian-creative","angel-pride","discovery-key"],"qualification":"The Vistra centre is a corporate services provider's address used by many British Virgin Islands companies; sharing it does not connect the companies to each other.","response":"","outcome":""},"reading":"Fact: The 2023 Schedule 13G gives Midterm Success's address at Sea Meadow House in Road Town, Tortola, and Asian Creative Capital's as care of the Vistra Corporate Services Centre in Road Town, the same registered-agent address that Angel Pride Holdings and Discovery Key Investments use."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-repurchase-2024","record":{"id":"c-ht-repurchase-2024","kind":"fact","text":"Under a repurchase agreement dated March 7, 2024, AppLovin bought back 3,000,000 Class A shares from Midterm Success Limited, then a holder of more than 5%, in a private transaction at $60.74 per share, about $182 million in total; AppLovin's 2025 proxy statement reports it as a related-party transaction.","source_ids":["src-041"],"entity_ids":["applovin","midterm-success"],"qualification":"","response":"","outcome":""},"reading":"Fact: Under a repurchase agreement dated March 7, 2024, AppLovin bought back 3,000,000 Class A shares from Midterm Success Limited, then a holder of more than 5%, in a private transaction at $60.74 per share, about $182 million in total; AppLovin's 2025 proxy statement reports it as a related-party transaction."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-2025-holding","record":{"id":"c-ht-2025-holding","kind":"fact","text":"In a Schedule 13G amendment of January 30, 2025, Hao Tang reported 11,969,535 Class A shares (4.0%) as of December 31, 2024: 9,969,535 held by Midterm Success Limited and 2,000,000 by Discovery Key Investments Limited, another British Virgin Islands company of which he is the sole shareholder. Kevin Shum signed for Midterm Success, Asian Creative Capital and Discovery Key as authorised signatory. AppLovin's 2025 and 2026 proxy statements do not list Tang or his companies among holders above 5%.","source_ids":["src-011"],"entity_ids":["hao-tang","midterm-success","discovery-key","asian-creative","kevin-shum","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: In a Schedule 13G amendment of January 30, 2025, Hao Tang reported 11,969,535 Class A shares (4.0%) as of December 31, 2024: 9,969,535 held by Midterm Success Limited and 2,000,000 by Discovery Key Investments Limited, another British Virgin Islands company of which he is the sole shareholder. Kevin Shum signed for Midterm Success, Asian Creative Capital and Discovery Key as authorised signatory. AppLovin's 2025 and 2026 proxy statements do not list Tang or his companies among holders above 5%."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-press-stake-2026","record":{"id":"c-ht-press-stake-2026","kind":"attributed","text":"A March 2026 press report described Tang Hao as holding a roughly 3.2% stake in AppLovin worth about $4.6 billion, citing a 2025 filing.","source_ids":["src-086","src-011"],"entity_ids":["hao-tang","applovin"],"qualification":"No filing in the record shows 3.2%; the latest Schedule 13G amendment in the record (January 2025) reports 4.0% as of December 31, 2024, and the record contains no later holder filing.","response":"","outcome":""},"reading":"Attributed: A March 2026 press report described Tang Hao as holding a roughly 3.2% stake in AppLovin worth about $4.6 billion, citing a 2025 filing."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-stars-group","record":{"id":"c-ht-stars-group","kind":"fact","text":"A Schedule 13D amendment on The Stars Group Inc. filed in March 2020 names Tang Hao as director of Uptrend Trade Limited and Discovery Key Investments Limited, gives their contact address as 18/F Three Exchange Square in Central, Hong Kong, and shows that Discovery Key bought Stars Group shares on the market in July to September 2017; by the filing date the two companies held none and Tang Hao held 119,700 shares (0.08%).","source_ids":["src-089"],"entity_ids":["hao-tang","uptrend-trade","discovery-key","stars-group"],"qualification":"","response":"","outcome":""},"reading":"Fact: A Schedule 13D amendment on The Stars Group Inc. filed in March 2020 names Tang Hao as director of Uptrend Trade Limited and Discovery Key Investments Limited, gives their contact address as 18/F Three Exchange Square in Central, Hong Kong, and shows that Discovery Key bought Stars Group shares on the market in July to September 2017; by the filing date the two companies held none and Tang Hao held 119,700 shares (0.08%)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-stars-statement","record":{"id":"c-ht-stars-statement","kind":"fact","text":"In the same March 2020 filing Tang Hao and his two companies, Uptrend Trade and Discovery Key, stated that during the previous five years they had not been convicted in a criminal proceeding or been subject to a civil judgment finding a violation of securities laws.","source_ids":["src-089"],"entity_ids":["hao-tang","uptrend-trade","discovery-key"],"qualification":"","response":"","outcome":""},"reading":"Fact: In the same March 2020 filing Tang Hao and his two companies, Uptrend Trade and Discovery Key, stated that during the previous five years they had not been convicted in a criminal proceeding or been subject to a civil judgment finding a violation of securities laws."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-goldenway-2012","record":{"id":"c-ht-goldenway-2012","kind":"fact","text":"Goldenway, Inc., a Nevada company with its head office in Hong Kong, reported in its annual report for 2012 that its former chief executive officer Hao Tang, employed under an agreement of September 30, 2011, beneficially owned 10,408,301 of its shares (71%) at December 31, 2012. The shares were held by Goldenway Investments Holdings Limited, wholly controlled by Fenton Capital Inc., which was wholly controlled by SMP Trustees (NZ) Limited as trustee of The Fenton Trust, of which Hao Tang was the sole beneficiary.","source_ids":["src-092"],"entity_ids":["goldenway-inc","hao-tang","goldenway-investments-holdings","fenton-capital"],"qualification":"The filings name a Hao Tang or Tang Hao without an identifier that ties him to the AppLovin investor; the link rests on short-seller and press accounts and matching Hong Kong contact details.","response":"","outcome":""},"reading":"Fact: Goldenway, Inc., a Nevada company with its head office in Hong Kong, reported in its annual report for 2012 that its former chief executive officer Hao Tang, employed under an agreement of September 30, 2011, beneficially owned 10,408,301 of its shares (71%) at December 31, 2012. The shares were held by Goldenway Investments Holdings Limited, wholly controlled by Fenton Capital Inc., which was wholly controlled by SMP Trustees (NZ) Limited as trustee of The Fenton Trust, of which Hao Tang was the sole beneficiary."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-goldenway-group","record":{"id":"c-ht-goldenway-group","kind":"fact","text":"The same report lists Goldenway Precious Metals Limited (Hong Kong) and Goldenway Global Investments (UK) Limited among Goldenway, Inc.'s wholly owned subsidiaries and states that its former chief executive Hao Tang held 29% of Shenzhen Gateway Technology Co. Ltd., a Chinese IT supplier of the group.","source_ids":["src-092"],"entity_ids":["goldenway-inc","goldenway-pm","goldenway-uk","hao-tang","shenzhen-gateway"],"qualification":"The filings name a Hao Tang or Tang Hao without an identifier that ties him to the AppLovin investor; the link rests on short-seller and press accounts and matching Hong Kong contact details.","response":"","outcome":""},"reading":"Fact: The same report lists Goldenway Precious Metals Limited (Hong Kong) and Goldenway Global Investments (UK) Limited among Goldenway, Inc.'s wholly owned subsidiaries and states that its former chief executive Hao Tang held 29% of Shenzhen Gateway Technology Co. Ltd., a Chinese IT supplier of the group."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-fenton-2020","record":{"id":"c-ht-fenton-2020","kind":"fact","text":"A January 2020 announcement by Hong Kong-listed Prosperous Future Holdings states that Goldenway Investments Holdings Limited, wholly owned by Fenton Capital Inc., which is 100% controlled by Montclair Trustees (Hong Kong) Limited as trustee of The Fenton Trust, of which Mr. Tang Hao is the sole beneficiary, was selling its remaining 90% of Goldenway Investments (HK) Limited and a related asset manager for HK$27,968,000. Montclair Trustees is a licensed trust company in Hong Kong.","source_ids":["src-109","src-084"],"entity_ids":["goldenway-investments-holdings","fenton-capital","montclair-trustees","hao-tang","goldenway-investments-hk"],"qualification":"The filings name a Hao Tang or Tang Hao without an identifier that ties him to the AppLovin investor; the link rests on short-seller and press accounts and matching Hong Kong contact details. The announcement does not mention AppLovin.","response":"","outcome":""},"reading":"Fact: A January 2020 announcement by Hong Kong-listed Prosperous Future Holdings states that Goldenway Investments Holdings Limited, wholly owned by Fenton Capital Inc., which is 100% controlled by Montclair Trustees (Hong Kong) Limited as trustee of The Fenton Trust, of which Mr. Tang Hao is the sole beneficiary, was selling its remaining 90% of Goldenway Investments (HK) Limited and a related asset manager for HK$27,968,000. Montclair Trustees is a licensed trust company in Hong Kong."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-fca-2017","record":{"id":"c-ht-fca-2017","kind":"fact","text":"In a Final Notice of August 21, 2017 the UK Financial Conduct Authority partly refused an application by Goldenway Global Investments (UK) Limited to approve an individual for its compliance-oversight and money-laundering reporting functions, finding his fitness for those roles not shown. The notice records that the firm was controlled by Goldenway Precious Metals Limited of Hong Kong, served mainly Chinese clients and relied on connected entities in Hong Kong for some functions.","source_ids":["src-090"],"entity_ids":["goldenway-uk","goldenway-pm"],"qualification":"The notice concerns the approval of an individual, not a restriction of the firm's business, and does not name Hao Tang.","response":"","outcome":"","adverse_subject_ids":["goldenway-uk"]},"reading":"Fact: In a Final Notice of August 21, 2017 the UK Financial Conduct Authority partly refused an application by Goldenway Global Investments (UK) Limited to approve an individual for its compliance-oversight and money-laundering reporting functions, finding his fitness for those roles not shown. The notice records that the firm was controlled by Goldenway Precious Metals Limited of Hong Kong, served mainly Chinese clients and relied on connected entities in Hong Kong for some functions."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-tribunal-2023","record":{"id":"c-ht-tribunal-2023","kind":"fact","text":"A London employment tribunal judgment after a hearing in September 2023 found that Goldenway Global Investments (UK) Limited, wholly owned by Goldenway Precious Metals Limited, unfairly dismissed its compliance director, and that the dismissal was automatically unfair because he made qualifying public interest disclosures to the FCA on July 21, 2022. The claimant said those disclosures concerned unauthorised director appointments, money laundering through an associated company, management of the firm from Hong Kong and a UK visa matter.","source_ids":["src-083"],"entity_ids":["goldenway-uk","goldenway-pm"],"qualification":"The judgment decides the employment claims; it does not find that the matters the claimant reported occurred, states no compensation amount and does not name Hao Tang.","response":"","outcome":"","adverse_subject_ids":["goldenway-uk"]},"reading":"Fact: A London employment tribunal judgment after a hearing in September 2023 found that Goldenway Global Investments (UK) Limited, wholly owned by Goldenway Precious Metals Limited, unfairly dismissed its compliance director, and that the dismissal was automatically unfair because he made qualifying public interest disclosures to the FCA on July 21, 2022. The claimant said those disclosures concerned unauthorised director appointments, money laundering through an associated company, management of the firm from Hong Kong and a UK visa matter."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-culper-goldenway","record":{"id":"c-ht-culper-goldenway","kind":"attributed","text":"Culper Research described the Goldenway companies as one of Hao Tang's main vehicles and asserted that the FCA restricted Goldenway's UK business in 2017, that a UK tribunal in 2024 ruled for a whistleblower who exposed an attempt to launder money and awarded him £560,000, that Tang lent money through a Goldenway affiliate to a businessman later arrested in France, and that he controls Southwind Media, whose website lists AppLovin among its \"discreet investments\".","source_ids":["src-079"],"entity_ids":["hao-tang","goldenway-uk","goldenway-inc","applovin"],"qualification":"Culper Research published this while holding a short position in AppLovin; the account is its own and was not adopted by AppLovin or any authority in the record. The FCA notice in the record is a partial refusal to approve an individual, not a restriction of the firm, and the tribunal judgment in the record states no award and does not name Tang; the other assertions are not documented in the record. Culper also named Tang as a director of UK companies, identifying him by a Hong Kong address and a partial identity number; UK register entries under the name TANG, Hao are not attributed to him here because the record does not establish that they concern him.","response":"","outcome":"The employment tribunal judgment of 2023 found the compliance director's dismissal automatically unfair because of his protected disclosures to the FCA; it is the only ruling on these matters in the record."},"reading":"Attributed: Culper Research described the Goldenway companies as one of Hao Tang's main vehicles and asserted that the FCA restricted Goldenway's UK business in 2017, that a UK tribunal in 2024 ruled for a whistleblower who exposed an attempt to launder money and awarded him £560,000, that Tang lent money through a Goldenway affiliate to a businessman later arrested in France, and that he controls Southwind Media, whose website lists AppLovin among its \"discreet investments\"."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-culper-gambling","record":{"id":"c-ht-culper-gambling","kind":"attributed","text":"Culper Research further asserted that Hao Tang and his associates are tied to a Philippine casino operator and, through it, to a Chinese businessman it links to espionage and trafficking operations.","source_ids":["src-079"],"entity_ids":["hao-tang"],"qualification":"Culper Research published this while holding a short position in AppLovin; the account is its own and was not adopted by AppLovin or any authority in the record. No document in the record supports these links, and the third parties named by Culper are not identified here.","response":"","outcome":"","adverse_subject_ids":["hao-tang"]},"reading":"Attributed: Culper Research further asserted that Hao Tang and his associates are tied to a Philippine casino operator and, through it, to a Chinese businessman it links to espionage and trafficking operations."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-extradition","record":{"id":"c-ht-extradition","kind":"attributed","text":"Press investigations published in 2025 reported that China obtained an Interpol red notice against Tang Hao in 2022, officially for \"opening casinos\" and \"illegal commercial practices\". After he reported his own presence in south-eastern France in summer 2024, the Court of Appeal of Aix-en-Provence placed him under judicial supervision on September 27, 2024 and, in a decision of January 29, 2025, refused his extradition to China. The reports describe Tang Hao as an AppLovin shareholder.","source_ids":["src-067","src-066"],"entity_ids":["hao-tang","applovin"],"qualification":"The French decision was not published or retrieved; its content is known only from journalists who saw it. The Chinese accusations were not tested in court, and the identification with AppLovin's investor comes from the same reports.","response":"According to the decision as reported, Tang Hao said the accusations were fabricated because he had refused to give part of his profits to the director of public security of Shanxi province.","outcome":"The court refused extradition, holding that the right to a fair trial was not guaranteed in China and that the documents supplied by Beijing were defective (missing signatures, irregular seals and inconsistent dates); one report says the court called the authenticity of the arrest warrant questionable.","adverse_subject_ids":["hao-tang"]},"reading":"Attributed: Press investigations published in 2025 reported that China obtained an Interpol red notice against Tang Hao in 2022, officially for \"opening casinos\" and \"illegal commercial practices\". After he reported his own presence in south-eastern France in summer 2024, the Court of Appeal of Aix-en-Provence placed him under judicial supervision on September 27, 2024 and, in a decision of January 29, 2025, refused his extradition to China. The reports describe Tang Hao as an AppLovin shareholder."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-tuandai-refuted","record":{"id":"c-ht-tuandai-refuted","kind":"refuted","text":"Some secondary accounts linked Hao Tang to the Tuandai online-lending fraud case and to a 2021 arrest and court ruling in Bordeaux.","source_ids":["src-066","src-079","src-082"],"entity_ids":["hao-tang"],"qualification":"Refuted in the record: a 2025 press investigation and Culper Research's own report attribute the Tuandai-related red notice and the Bordeaux arrest to a different businessman, and in February 2026 short seller CapitalWatch withdrew its association of the Bordeaux ruling with Tang.","response":"","outcome":""},"reading":"Refuted: Some secondary accounts linked Hao Tang to the Tuandai online-lending fraud case and to a 2021 arrest and court ruling in Bordeaux."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-capitalwatch","record":{"id":"c-ht-capitalwatch","kind":"attributed","text":"In January 2026 short seller CapitalWatch published a report linking AppLovin shareholder Hao Tang to criminal syndicates and money laundering through AppLovin.","source_ids":["src-082"],"entity_ids":["hao-tang","applovin"],"qualification":"CapitalWatch retracted the parts of the report concerning Tang personally within weeks; the report itself was not retrieved.","response":"AppLovin, through lawyer Alex Spiro, sent CapitalWatch a cease-and-desist letter demanding that it retract the \"defamatory and baseless\" report.","outcome":"On February 8, 2026 CapitalWatch apologised, saying that its descriptions asserting direct connections between Tang and Chen Zhi, Prince Group, Jin Bei Group, Tang Jun and Yang Zhihui \"were inaccurate and failed to meet our publication standards\" and that it had erroneously associated a Bordeaux court ruling with him; it said its view of AppLovin's financials was unchanged. AppLovin's shares rose 14% after the retraction.","adverse_subject_ids":["hao-tang"]},"reading":"Attributed: In January 2026 short seller CapitalWatch published a report linking AppLovin shareholder Hao Tang to criminal syndicates and money laundering through AppLovin."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-ht-jpmorgan","record":{"id":"c-ht-jpmorgan","kind":"attributed","text":"A March 2026 press report, citing people familiar with the matter, said JPMorgan Chase had ended its private-banking relationship with Tang Hao months earlier because of know-your-customer concerns, although he had been a significant revenue contributor to its China private-banking unit.","source_ids":["src-086"],"entity_ids":["hao-tang","jpmorgan-chase","applovin"],"qualification":"Based on unnamed sources; no bank or regulatory document in the record confirms the account.","response":"According to the report, the bank declined to confirm any client relationship and representatives of Tang and of AppLovin declined to comment.","outcome":"","adverse_subject_ids":["hao-tang"]},"reading":"Attributed: A March 2026 press report, citing people familiar with the matter, said JPMorgan Chase had ended its private-banking relationship with Tang Hao months earlier because of know-your-customer concerns, although he had been a significant revenue contributor to its China private-banking unit."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-board-2026","record":{"id":"c-bd-board-2026","kind":"fact","text":"At AppLovin's annual meeting on June 3, 2026 stockholders elected nine directors to serve until 2027: Adam Foroughi, Craig Billings, Herald Chen, Margaret Georgiadis, Barbara Messing, Todd Morgenfeld, Victoria Valenzuela, Eduardo Vivas and Maynard Webb. Valenzuela joined the board for the first time; Alyssa Harvey Dawson, who did not stand for re-election, left at the meeting.","source_ids":["src-097","src-001"],"entity_ids":["applovin","adam-foroughi","craig-billings","herald-chen","margaret-georgiadis","barbara-messing","todd-morgenfeld","victoria-valenzuela","eduardo-vivas","maynard-webb","alyssa-harvey-dawson"],"qualification":"","response":"","outcome":""},"reading":"Fact: At AppLovin's annual meeting on June 3, 2026 stockholders elected nine directors to serve until 2027: Adam Foroughi, Craig Billings, Herald Chen, Margaret Georgiadis, Barbara Messing, Todd Morgenfeld, Victoria Valenzuela, Eduardo Vivas and Maynard Webb. Valenzuela joined the board for the first time; Alyssa Harvey Dawson, who did not stand for re-election, left at the meeting."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-officers-2026","record":{"id":"c-bd-officers-2026","kind":"fact","text":"AppLovin's 2026 proxy statement names four executive officers: Adam Foroughi (chief executive officer and co-founder), Matthew Stumpf (chief financial officer), Vasily Shikin (chief technology officer) and Victoria Valenzuela (chief administrative and legal officer and corporate secretary).","source_ids":["src-001"],"entity_ids":["applovin","adam-foroughi","matthew-stumpf","vasily-shikin","victoria-valenzuela"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's 2026 proxy statement names four executive officers: Adam Foroughi (chief executive officer and co-founder), Matthew Stumpf (chief financial officer), Vasily Shikin (chief technology officer) and Victoria Valenzuela (chief administrative and legal officer and corporate secretary)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-transitions-2026","record":{"id":"c-bd-transitions-2026","kind":"fact","text":"On April 2, 2026 the board appointed Craig Billings, lead independent director since the IPO, as independent chairperson in place of Adam Foroughi, who remained chief executive and a director. AppLovin also announced that Vasily Shikin would step down as chief technology officer on July 1, 2026 to become a non-executive Distinguished Engineer, succeeded by chief product and engineering officer Giovanni Ge, and that Victoria Valenzuela would retire on August 1, 2026, succeeded as chief legal officer by deputy general counsel Corina Cacovean; Valenzuela would stand for the board and serve as a consultant until May 31, 2027 for $150,000.","source_ids":["src-009","src-001"],"entity_ids":["applovin","craig-billings","adam-foroughi","vasily-shikin","giovanni-ge","victoria-valenzuela","corina-cacovean"],"qualification":"","response":"","outcome":""},"reading":"Fact: On April 2, 2026 the board appointed Craig Billings, lead independent director since the IPO, as independent chairperson in place of Adam Foroughi, who remained chief executive and a director. AppLovin also announced that Vasily Shikin would step down as chief technology officer on July 1, 2026 to become a non-executive Distinguished Engineer, succeeded by chief product and engineering officer Giovanni Ge, and that Victoria Valenzuela would retire on August 1, 2026, succeeded as chief legal officer by deputy general counsel Corina Cacovean; Valenzuela would stand for the board and serve as a consultant until May 31, 2027 for $150,000."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-board-ipo","record":{"id":"c-bd-board-ipo","kind":"fact","text":"At the time of AppLovin's April 2021 IPO the executive officers were Adam Foroughi (chief executive and chairperson), Herald Chen (president, chief financial officer and director), Katie Jansen (chief marketing officer), Vasily (Basil) Shikin (chief technology officer) and Victoria Valenzuela (chief legal officer), and the non-employee directors were Craig Billings, Margaret Georgiadis, Edward Oberwager, Cathy Sun and Eduardo Vivas. The SEC's insider register also lists Elena Arutunian as chief accounting officer from April 14, 2021.","source_ids":["src-006","src-029"],"entity_ids":["applovin","adam-foroughi","herald-chen","katie-jansen","vasily-shikin","victoria-valenzuela","craig-billings","margaret-georgiadis","edward-oberwager","cathy-sun","eduardo-vivas","elena-arutunian"],"qualification":"","response":"","outcome":""},"reading":"Fact: At the time of AppLovin's April 2021 IPO the executive officers were Adam Foroughi (chief executive and chairperson), Herald Chen (president, chief financial officer and director), Katie Jansen (chief marketing officer), Vasily (Basil) Shikin (chief technology officer) and Victoria Valenzuela (chief legal officer), and the non-employee directors were Craig Billings, Margaret Georgiadis, Edward Oberwager, Cathy Sun and Eduardo Vivas. The SEC's insider register also lists Elena Arutunian as chief accounting officer from April 14, 2021."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-board-2022-2024","record":{"id":"c-bd-board-2022-2024","kind":"fact","text":"AppLovin's board membership changed between the IPO and 2025: in April 2022 the eight nominees were Foroughi, Chen, Billings, Georgiadis, Alyssa Harvey Dawson, Edward Oberwager, Asha Sharma and Vivas; in June 2024 stockholders elected Foroughi, Billings, Chen, Georgiadis, Harvey Dawson, Barbara Messing, Todd Morgenfeld, Oberwager and Vivas.","source_ids":["src-056","src-058"],"entity_ids":["applovin","adam-foroughi","herald-chen","craig-billings","margaret-georgiadis","alyssa-harvey-dawson","edward-oberwager","asha-sharma","eduardo-vivas","barbara-messing","todd-morgenfeld"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's board membership changed between the IPO and 2025: in April 2022 the eight nominees were Foroughi, Chen, Billings, Georgiadis, Alyssa Harvey Dawson, Edward Oberwager, Asha Sharma and Vivas; in June 2024 stockholders elected Foroughi, Billings, Chen, Georgiadis, Harvey Dawson, Barbara Messing, Todd Morgenfeld, Oberwager and Vivas."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-meeting-2026-votes","record":{"id":"c-bd-meeting-2026-votes","kind":"fact","text":"At AppLovin's June 3, 2026 meeting stockholders approved an amendment to the certificate of incorporation allowing exculpation of officers under Delaware law, and rejected a stockholder proposal to disclose voting results by share class, by 696,868,093 votes against to 119,127,022 for.","source_ids":["src-097"],"entity_ids":["applovin"],"qualification":"With Class B shares carrying 20 votes each, the totals do not show how holders of the listed Class A shares voted.","response":"","outcome":""},"reading":"Fact: At AppLovin's June 3, 2026 meeting stockholders approved an amendment to the certificate of incorporation allowing exculpation of officers under Delaware law, and rejected a stockholder proposal to disclose voting results by share class, by 696,868,093 votes against to 119,127,022 for."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-late-form4","record":{"id":"c-bd-late-form4","kind":"fact","text":"AppLovin's 2023 proxy statement reports that in 2022 one Form 4 was filed late for each of Adam Foroughi (five transactions), Andrew Karam (three) and Eduardo Vivas (one).","source_ids":["src-010"],"entity_ids":["applovin","adam-foroughi","andrew-karam","eduardo-vivas"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's 2023 proxy statement reports that in 2022 one Form 4 was filed late for each of Adam Foroughi (five transactions), Andrew Karam (three) and Eduardo Vivas (one)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-foroughi","record":{"id":"c-bd-foroughi","kind":"fact","text":"Adam Foroughi co-founded AppLovin and has been its chief executive officer and a director since December 2011; he chaired the board from March 2021 to April 2026. He previously co-founded two advertising technology companies, Lifestreet Media Inc. and Social Hour Inc. The SEC's insider register lists no other U.S. public company for him.","source_ids":["src-001","src-028"],"entity_ids":["adam-foroughi","applovin","lifestreet","social-hour"],"qualification":"","response":"","outcome":""},"reading":"Fact: Adam Foroughi co-founded AppLovin and has been its chief executive officer and a director since December 2011; he chaired the board from March 2021 to April 2026. He previously co-founded two advertising technology companies, Lifestreet Media Inc. and Social Hour Inc. The SEC's insider register lists no other U.S. public company for him."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-chen","record":{"id":"c-bd-chen","kind":"fact","text":"Herald Chen has been an AppLovin director since August 2018 and was its president and chief financial officer from November 2019 to December 2023. Before that he headed technology, media and telecom at Kohlberg Kravis Roberts & Co. L.P. from 2007 to 2019 (and worked there in 1995-1997). He sits on the boards of GoDaddy, Inc. and Internet Brands Inc.; the SEC's insider register also lists earlier directorships at Eastman Kodak Company (from 2009) and WJ Communications Inc (from 2006).","source_ids":["src-001","src-027"],"entity_ids":["herald-chen","applovin","kkr","godaddy","internet-brands","eastman-kodak","wj-communications"],"qualification":"","response":"","outcome":""},"reading":"Fact: Herald Chen has been an AppLovin director since August 2018 and was its president and chief financial officer from November 2019 to December 2023. Before that he headed technology, media and telecom at Kohlberg Kravis Roberts & Co. L.P. from 2007 to 2019 (and worked there in 1995-1997). He sits on the boards of GoDaddy, Inc. and Internet Brands Inc.; the SEC's insider register also lists earlier directorships at Eastman Kodak Company (from 2009) and WJ Communications Inc (from 2006)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-chen-other-boards","record":{"id":"c-bd-chen-other-boards","kind":"fact","text":"GoDaddy's profile of Herald Chen states that he has been on its board since 2014 and previously chaired the boards of BMC Software, Inc., Optiv Inc. and Epicor Software Corporation.","source_ids":["src-013"],"entity_ids":["herald-chen","godaddy","bmc","optiv","epicor"],"qualification":"A biography published by GoDaddy, not a filing of AppLovin or the companies named.","response":"","outcome":""},"reading":"Fact: GoDaddy's profile of Herald Chen states that he has been on its board since 2014 and previously chaired the boards of BMC Software, Inc., Optiv Inc. and Epicor Software Corporation."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-chen-transition","record":{"id":"c-bd-chen-transition","kind":"fact","text":"On November 3, 2023 Herald Chen told AppLovin he would resign as president and chief financial officer effective December 31, 2023 while remaining a director; from January 1, 2024 he advised the chief executive for a one-year term, for which he received 62,418 restricted stock units. The board appointed Matthew Stumpf chief financial officer and designated controller Dmitriy Dorosh as principal accounting officer from January 1, 2024.","source_ids":["src-002","src-008"],"entity_ids":["herald-chen","applovin","matthew-stumpf","dmitriy-dorosh"],"qualification":"","response":"","outcome":""},"reading":"Fact: On November 3, 2023 Herald Chen told AppLovin he would resign as president and chief financial officer effective December 31, 2023 while remaining a director; from January 1, 2024 he advised the chief executive for a one-year term, for which he received 62,418 restricted stock units. The board appointed Matthew Stumpf chief financial officer and designated controller Dmitriy Dorosh as principal accounting officer from January 1, 2024."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-billings","record":{"id":"c-bd-billings","kind":"fact","text":"Craig Billings has been an AppLovin director since December 2020, lead independent director from February 2021 and independent chairperson since April 2026. He has been chief executive and a director of Wynn Resorts, Limited since February 2022 (previously its chief financial officer and treasurer from March 2017 and president from 2019 to 2021), a director of Wynn Macau, Limited since August 2018, and was non-executive chairman of NYX Gaming Group Ltd. from December 2015 to January 2018.","source_ids":["src-001","src-033"],"entity_ids":["craig-billings","applovin","wynn-resorts","wynn-macau","nyx"],"qualification":"","response":"","outcome":""},"reading":"Fact: Craig Billings has been an AppLovin director since December 2020, lead independent director from February 2021 and independent chairperson since April 2026. He has been chief executive and a director of Wynn Resorts, Limited since February 2022 (previously its chief financial officer and treasurer from March 2017 and president from 2019 to 2021), a director of Wynn Macau, Limited since August 2018, and was non-executive chairman of NYX Gaming Group Ltd. from December 2015 to January 2018."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-billings-wynn-page","record":{"id":"c-bd-billings-wynn-page","kind":"fact","text":"Wynn Resorts' biography of Craig Billings adds earlier executive and board positions at Goldman Sachs, Aristocrat Leisure Limited, NYX Gaming Group and International Game Technology, including chief digital officer of Aristocrat Leisure.","source_ids":["src-014"],"entity_ids":["craig-billings","wynn-resorts","aristocrat","nyx","applovin"],"qualification":"A biography published by Wynn Resorts; it also still describes him as AppLovin's lead independent director and audit committee chair, roles superseded by his April 2026 appointment as chairperson.","response":"","outcome":""},"reading":"Fact: Wynn Resorts' biography of Craig Billings adds earlier executive and board positions at Goldman Sachs, Aristocrat Leisure Limited, NYX Gaming Group and International Game Technology, including chief digital officer of Aristocrat Leisure."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-georgiadis","record":{"id":"c-bd-georgiadis","kind":"fact","text":"Margaret (Margo) Georgiadis has been an AppLovin director since January 2021. She is co-founder and chief executive of Montai Therapeutics and, since April 2022, a CEO-Partner of Flagship Pioneering Inc.; she was Endurance Partner-in-Residence at General Catalyst (2021-2022), president and chief executive of Ancestry.com LLC (2018-2020), chief executive of Mattel, Inc. (2017-2018) and president of Google Americas (2009-2017), and sits on the board of McDonald's Corporation. The SEC's insider register also lists earlier roles as a director of Amyris, Inc. and Jones Group Inc and as an executive vice president of Discover Financial Services.","source_ids":["src-001","src-042"],"entity_ids":["margaret-georgiadis","applovin","flagship","general-catalyst","ancestry","mattel","google","mcdonalds","amyris","jones-group","discover"],"qualification":"","response":"","outcome":""},"reading":"Fact: Margaret (Margo) Georgiadis has been an AppLovin director since January 2021. She is co-founder and chief executive of Montai Therapeutics and, since April 2022, a CEO-Partner of Flagship Pioneering Inc.; she was Endurance Partner-in-Residence at General Catalyst (2021-2022), president and chief executive of Ancestry.com LLC (2018-2020), chief executive of Mattel, Inc. (2017-2018) and president of Google Americas (2009-2017), and sits on the board of McDonald's Corporation. The SEC's insider register also lists earlier roles as a director of Amyris, Inc. and Jones Group Inc and as an executive vice president of Discover Financial Services."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-messing","record":{"id":"c-bd-messing","kind":"fact","text":"Barbara Messing has been an AppLovin director since March 2024 and an operating partner of the growth-equity firm Stripes, LLC since January 2026. She was chief marketing officer of Roblox Corp. (2020-2023) and previously of Walmart U.S. and TripAdvisor, and served on the boards of Vacasa, Inc. (2021-2025), Overstock.com, Inc. (2020-2023) and XO Group Inc.","source_ids":["src-001","src-044"],"entity_ids":["barbara-messing","applovin","stripes","roblox","vacasa","overstock","xo-group"],"qualification":"","response":"","outcome":""},"reading":"Fact: Barbara Messing has been an AppLovin director since March 2024 and an operating partner of the growth-equity firm Stripes, LLC since January 2026. She was chief marketing officer of Roblox Corp. (2020-2023) and previously of Walmart U.S. and TripAdvisor, and served on the boards of Vacasa, Inc. (2021-2025), Overstock.com, Inc. (2020-2023) and XO Group Inc."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-morgenfeld","record":{"id":"c-bd-morgenfeld","kind":"fact","text":"Todd Morgenfeld was appointed an AppLovin director on September 5, 2023. He was chief financial officer of Pinterest, Inc. from November 2016 and also head of business operations from May 2020 to July 2023, and earlier vice president of finance at Twitter, Inc. (2015-2016), treasurer and senior vice president at Hewlett-Packard Company (2013-2015) and an investment partner at Silver Lake Partners (2004-2013). He sits on the boards of Urban Outfitters, Inc. and Axon Enterprise, Inc. His appointment filing reported no related-party transactions with AppLovin.","source_ids":["src-019","src-001","src-043"],"entity_ids":["todd-morgenfeld","applovin","pinterest","twitter","hp","silver-lake","urban-outfitters","axon"],"qualification":"","response":"","outcome":""},"reading":"Fact: Todd Morgenfeld was appointed an AppLovin director on September 5, 2023. He was chief financial officer of Pinterest, Inc. from November 2016 and also head of business operations from May 2020 to July 2023, and earlier vice president of finance at Twitter, Inc. (2015-2016), treasurer and senior vice president at Hewlett-Packard Company (2013-2015) and an investment partner at Silver Lake Partners (2004-2013). He sits on the boards of Urban Outfitters, Inc. and Axon Enterprise, Inc. His appointment filing reported no related-party transactions with AppLovin."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-morgenfeld-pinterest-suit","record":{"id":"c-bd-morgenfeld-pinterest-suit","kind":"attributed","text":"In August 2020 Pinterest's former chief operating officer sued Pinterest in San Francisco County Superior Court for gender discrimination and retaliation, alleging that she was fired after complaining that the chief financial officer, Todd Morgenfeld, had made \"demeaning sexist comments\" toward her.","source_ids":["src-073"],"entity_ids":["todd-morgenfeld","pinterest"],"qualification":"The claim was against Pinterest; Morgenfeld was named in the allegations, not as a defendant, and no court finding on them is in the record. No response from Morgenfeld is in the retained material.","response":"In a joint statement with the former executive at the settlement, Pinterest said it recognised the importance of a diverse, equitable and inclusive workplace and would continue its actions to improve its culture.","outcome":"Pinterest settled the suit in December 2020 for $22.5 million, including $2.5 million for advancing women and under-represented communities in technology, without admitting liability."},"reading":"Attributed: In August 2020 Pinterest's former chief operating officer sued Pinterest in San Francisco County Superior Court for gender discrimination and retaliation, alleging that she was fired after complaining that the chief financial officer, Todd Morgenfeld, had made \"demeaning sexist comments\" toward her."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-vivas","record":{"id":"c-bd-vivas","kind":"fact","text":"Eduardo Vivas has been an AppLovin director since August 2018. He was chief operating officer of Humans, Inc., developer of the Flip Shop app (March 2024 to September 2025), co-founder and chief executive of the online retailer Curated, Inc. (2017-2024), head of product for talent solutions at LinkedIn (2014-2017) and co-founder and chief product officer of Bright.com (2011-2014). The SEC's insider register lists no other U.S. public company for him.","source_ids":["src-001","src-030"],"entity_ids":["eduardo-vivas","applovin","humans-inc","curated","bright"],"qualification":"","response":"","outcome":""},"reading":"Fact: Eduardo Vivas has been an AppLovin director since August 2018. He was chief operating officer of Humans, Inc., developer of the Flip Shop app (March 2024 to September 2025), co-founder and chief executive of the online retailer Curated, Inc. (2017-2024), head of product for talent solutions at LinkedIn (2014-2017) and co-founder and chief product officer of Bright.com (2011-2014). The SEC's insider register lists no other U.S. public company for him."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-social-hour-network","record":{"id":"c-bd-social-hour-network","kind":"attributed","text":"Outside AppLovin's filings, several sources tie its founders and early staff to Adam Foroughi's earlier companies: a 2014 press profile described Eduardo Vivas as a co-founder of Social Hour, which it said the mobile game network PlayPhone bought in 2012 for $51.5 million; an online encyclopedia says Andrew Karam co-founded Social Hour and the design platform Style Page; and Culper Research wrote that Karam, John Krystynak and Rafael Vivas also worked at Social Hour or Lifestreet.","source_ids":["src-060","src-105","src-081"],"entity_ids":["eduardo-vivas","social-hour","adam-foroughi","andrew-karam","john-krystynak","rafael-vivas","lifestreet"],"qualification":"AppLovin's filings state only Foroughi's own role as co-founder of Lifestreet Media and Social Hour.","response":"","outcome":""},"reading":"Attributed: Outside AppLovin's filings, several sources tie its founders and early staff to Adam Foroughi's earlier companies: a 2014 press profile described Eduardo Vivas as a co-founder of Social Hour, which it said the mobile game network PlayPhone bought in 2012 for $51.5 million; an online encyclopedia says Andrew Karam co-founded Social Hour and the design platform Style Page; and Culper Research wrote that Karam, John Krystynak and Rafael Vivas also worked at Social Hour or Lifestreet."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-webb","record":{"id":"c-bd-webb","kind":"fact","text":"Maynard Webb was appointed an AppLovin director on April 9, 2025, joining the audit and nominating and corporate governance committees. He founded the venture firm Webb Investment Network in 2010, chaired Liveops, Inc. (2008-2013) and was its chief executive (2006-2011), was chief operating officer of eBay, Inc. (2002-2006), and chaired Yahoo! Inc. until 2017; he sits on the boards of Salesforce, Inc. (since September 2006) and Visa Inc. His appointment filing reported no related-party transactions.","source_ids":["src-001","src-057","src-022"],"entity_ids":["maynard-webb","applovin","webb-investment-network","liveops","ebay","yahoo","salesforce","visa"],"qualification":"","response":"","outcome":""},"reading":"Fact: Maynard Webb was appointed an AppLovin director on April 9, 2025, joining the audit and nominating and corporate governance committees. He founded the venture firm Webb Investment Network in 2010, chaired Liveops, Inc. (2008-2013) and was its chief executive (2006-2011), was chief operating officer of eBay, Inc. (2002-2006), and chaired Yahoo! Inc. until 2017; he sits on the boards of Salesforce, Inc. (since September 2006) and Visa Inc. His appointment filing reported no related-party transactions."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-webb-seed","record":{"id":"c-bd-webb-seed","kind":"attributed","text":"A 2014 press article said AppLovin's seed round was backed by investors including Webb Investment Network, the venture arm of Maynard Webb.","source_ids":["src-060"],"entity_ids":["webb-investment-network","maynard-webb","applovin"],"qualification":"A single press report; AppLovin's filings in the record do not describe its seed investors.","response":"","outcome":""},"reading":"Attributed: A 2014 press article said AppLovin's seed round was backed by investors including Webb Investment Network, the venture arm of Maynard Webb."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-valenzuela","record":{"id":"c-bd-valenzuela","kind":"fact","text":"Victoria Valenzuela joined AppLovin through its acquisition of Machine Zone, Inc., where she had been chief legal officer and corporate secretary from January 2015 to April 2020; she was AppLovin's chief legal officer from May 2020 and chief administrative and legal officer from July 2025, and earlier general counsel of Cypress Semiconductor Corporation (2004-2014).","source_ids":["src-001","src-046"],"entity_ids":["victoria-valenzuela","applovin","machine-zone","cypress"],"qualification":"","response":"","outcome":""},"reading":"Fact: Victoria Valenzuela joined AppLovin through its acquisition of Machine Zone, Inc., where she had been chief legal officer and corporate secretary from January 2015 to April 2020; she was AppLovin's chief legal officer from May 2020 and chief administrative and legal officer from July 2025, and earlier general counsel of Cypress Semiconductor Corporation (2004-2014)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-shikin","record":{"id":"c-bd-shikin","kind":"fact","text":"Vasily (Basil) Shikin was AppLovin's vice president of engineering from January 2012 and chief technology officer from January 2020; before joining he was a senior software engineer at DeviceAnywhere, Inc. (2008-2012). He holds a master's degree in mathematics from Saint Petersburg State University.","source_ids":["src-001","src-047"],"entity_ids":["vasily-shikin","applovin","deviceanywhere"],"qualification":"","response":"","outcome":""},"reading":"Fact: Vasily (Basil) Shikin was AppLovin's vice president of engineering from January 2012 and chief technology officer from January 2020; before joining he was a senior software engineer at DeviceAnywhere, Inc. (2008-2012). He holds a master's degree in mathematics from Saint Petersburg State University."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-stumpf","record":{"id":"c-bd-stumpf","kind":"fact","text":"Matthew Stumpf has been AppLovin's chief financial officer since January 2024, after serving as vice president of finance and FP&A (July 2022 to December 2023) and senior director of FP&A from February 2020; from 2006 to 2020 he worked at PricewaterhouseCoopers, most recently as a transaction services director.","source_ids":["src-001","src-048"],"entity_ids":["matthew-stumpf","applovin","pwc"],"qualification":"","response":"","outcome":""},"reading":"Fact: Matthew Stumpf has been AppLovin's chief financial officer since January 2024, after serving as vice president of finance and FP&A (July 2022 to December 2023) and senior director of FP&A from February 2020; from 2006 to 2020 he worked at PricewaterhouseCoopers, most recently as a transaction services director."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-dorosh","record":{"id":"c-bd-dorosh","kind":"fact","text":"Dmitriy Dorosh has been AppLovin's vice president and controller since September 2022 and principal accounting officer since January 2024; he joined in November 2019 after technical accounting roles at Facebook and WageWorks and a career at PricewaterhouseCoopers from 2007 to 2017.","source_ids":["src-008","src-029"],"entity_ids":["dmitriy-dorosh","applovin","pwc"],"qualification":"","response":"","outcome":""},"reading":"Fact: Dmitriy Dorosh has been AppLovin's vice president and controller since September 2022 and principal accounting officer since January 2024; he joined in November 2019 after technical accounting roles at Facebook and WageWorks and a career at PricewaterhouseCoopers from 2007 to 2017."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-ge-cacovean","record":{"id":"c-bd-ge-cacovean","kind":"fact","text":"The SEC's insider register lists Giovanni (Xiaochuan) Ge as chief technology officer from July 1, 2026 and Corina I. Cacovean as chief legal officer from August 1, 2026; both report holdings only in AppLovin.","source_ids":["src-029","src-049","src-050"],"entity_ids":["giovanni-ge","corina-cacovean","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: The SEC's insider register lists Giovanni (Xiaochuan) Ge as chief technology officer from July 1, 2026 and Corina I. Cacovean as chief legal officer from August 1, 2026; both report holdings only in AppLovin."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-jansen","record":{"id":"c-bd-jansen","kind":"fact","text":"Katie Jansen, AppLovin's chief marketing officer at the IPO, resigned on February 10, 2025 with effect from March 14, 2025; the company reported that her resignation was not the result of any disagreement.","source_ids":["src-020","src-006"],"entity_ids":["katie-jansen","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Katie Jansen, AppLovin's chief marketing officer at the IPO, resigned on February 10, 2025 with effect from March 14, 2025; the company reported that her resignation was not the result of any disagreement."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-arutunian","record":{"id":"c-bd-arutunian","kind":"fact","text":"Elena Arutunian, chief accounting officer and principal accounting officer, resigned on August 8, 2022 with effect two business days after the filing of the second-quarter 2022 report; AppLovin stated that there was no disagreement with the company or its auditor.","source_ids":["src-035"],"entity_ids":["elena-arutunian","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Elena Arutunian, chief accounting officer and principal accounting officer, resigned on August 8, 2022 with effect two business days after the filing of the second-quarter 2022 report; AppLovin stated that there was no disagreement with the company or its auditor."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-oberwager","record":{"id":"c-bd-oberwager","kind":"fact","text":"Edward Oberwager, a managing director in KKR's private equity business since 2008, was an AppLovin director from November 2019 and KKR Denali's designee on the board. On April 8, 2025 he said he would not stand for re-election at the 2025 annual meeting, a decision AppLovin said was not the result of any disagreement.","source_ids":["src-006","src-022","src-010"],"entity_ids":["edward-oberwager","applovin","kkr","kkr-denali"],"qualification":"","response":"","outcome":""},"reading":"Fact: Edward Oberwager, a managing director in KKR's private equity business since 2008, was an AppLovin director from November 2019 and KKR Denali's designee on the board. On April 8, 2025 he said he would not stand for re-election at the 2025 annual meeting, a decision AppLovin said was not the result of any disagreement."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-oberwager-fanduel","record":{"id":"c-bd-oberwager-fanduel","kind":"attributed","text":"Edward Oberwager was among the FanDuel directors sued by FanDuel's founders over the 2018 merger of FanDuel with Paddy Power Betfair's US business. According to the plaintiffs' allegations as summarised by the New York Court of Appeals, he had been appointed to FanDuel's board in 2015 by KKR, where he was a director, and voted for the merger, which closed in July 2018. On May 23, 2024 the Court of Appeals held that the founders had sufficiently pleaded breach of fiduciary duty under Scots law and reversed the dismissal of the claim.","source_ids":["src-062"],"entity_ids":["edward-oberwager","fanduel","kkr"],"qualification":"The decision concerns only whether the claim was adequately pleaded; it makes no finding of liability, and the later course of the case is not in the record.","response":"The director defendants moved to dismiss the claims for failure to state a cause of action and on documentary evidence.","outcome":"The Court of Appeals' May 23, 2024 decision reinstated the fiduciary-duty claims for further proceedings; the later course of the case is not in the record.","adverse_subject_ids":["edward-oberwager"]},"reading":"Attributed: Edward Oberwager was among the FanDuel directors sued by FanDuel's founders over the 2018 merger of FanDuel with Paddy Power Betfair's US business. According to the plaintiffs' allegations as summarised by the New York Court of Appeals, he had been appointed to FanDuel's board in 2015 by KKR, where he was a director, and voted for the merger, which closed in July 2018. On May 23, 2024 the Court of Appeals held that the founders had sufficiently pleaded breach of fiduciary duty under Scots law and reversed the dismissal of the claim."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-sun","record":{"id":"c-bd-sun","kind":"fact","text":"Cathy Sun, a director at KKR since September 2016 and a board member of Internet Brands Inc. from March 2020, was an AppLovin director from November 2019 until she resigned from the board on November 8, 2021 to take up the role of GM, New Initiatives at AppLovin.","source_ids":["src-006","src-021"],"entity_ids":["cathy-sun","applovin","kkr","internet-brands"],"qualification":"","response":"","outcome":""},"reading":"Fact: Cathy Sun, a director at KKR since September 2016 and a board member of Internet Brands Inc. from March 2020, was an AppLovin director from November 2019 until she resigned from the board on November 8, 2021 to take up the role of GM, New Initiatives at AppLovin."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-sharma","record":{"id":"c-bd-sharma","kind":"fact","text":"Asha Sharma was an AppLovin director from August 2021 until she resigned on September 5, 2023, a resignation AppLovin said was not due to any disagreement. She has been chief operating officer of Maplebear Inc. (Instacart) since February 2021, was chief operating officer of Porch Group, Inc. (2013-2017) and has been on its board since December 2020, and also served on the board of Help Scout PBC; the SEC's insider register lists later directorships at Coupang, Inc. (2024) and The Home Depot, Inc. (2025).","source_ids":["src-010","src-019","src-045"],"entity_ids":["asha-sharma","applovin","maplebear","porch","help-scout","coupang","home-depot"],"qualification":"","response":"","outcome":""},"reading":"Fact: Asha Sharma was an AppLovin director from August 2021 until she resigned on September 5, 2023, a resignation AppLovin said was not due to any disagreement. She has been chief operating officer of Maplebear Inc. (Instacart) since February 2021, was chief operating officer of Porch Group, Inc. (2013-2017) and has been on its board since December 2020, and also served on the board of Help Scout PBC; the SEC's insider register lists later directorships at Coupang, Inc. (2024) and The Home Depot, Inc. (2025)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-harvey-dawson","record":{"id":"c-bd-harvey-dawson","kind":"fact","text":"Alyssa Harvey Dawson was appointed an AppLovin director on November 8, 2021. She was chief legal officer of Gusto, Inc. (2020-2022) and then of HubSpot, earlier general counsel of Sidewalk Labs, LLC (2017-2020) and vice president for global intellectual property at Harman International Industries (2011-2017). On April 2, 2026 she said she would not stand for re-election, which AppLovin said was not the result of any disagreement.","source_ids":["src-010","src-009","src-021"],"entity_ids":["alyssa-harvey-dawson","applovin","gusto","hubspot","sidewalk-labs","harman"],"qualification":"","response":"","outcome":""},"reading":"Fact: Alyssa Harvey Dawson was appointed an AppLovin director on November 8, 2021. She was chief legal officer of Gusto, Inc. (2020-2022) and then of HubSpot, earlier general counsel of Sidewalk Labs, LLC (2017-2020) and vice president for global intellectual property at Harman International Industries (2011-2017). On April 2, 2026 she said she would not stand for re-election, which AppLovin said was not the result of any disagreement."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-bd-founders-later","record":{"id":"c-bd-founders-later","kind":"fact","text":"Co-founder Andrew Karam now advises and invests in technology companies and is listed as an adviser of the founder community South Park Commons; co-founder John Krystynak's business-directory profile lists no position other than AppLovin.","source_ids":["src-113","src-116"],"entity_ids":["andrew-karam","south-park-commons","john-krystynak","applovin"],"qualification":"Based on South Park Commons' own page and a business directory; neither is an AppLovin filing.","response":"","outcome":""},"reading":"Fact: Co-founder Andrew Karam now advises and invests in technology companies and is listed as an adviser of the founder community South Park Commons; co-founder John Krystynak's business-directory profile lists no position other than AppLovin."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-policy-2026","record":{"id":"c-rp-policy-2026","kind":"fact","text":"AppLovin's 2026 proxy statement states that since January 1, 2025 it has entered into no transactions above $120,000 with related persons other than those it describes: the Investor Rights Agreement with Adam Foroughi, the Equity Exchange Right Agreement with Herald Chen and the employment of Rafael Vivas.","source_ids":["src-001"],"entity_ids":["applovin","adam-foroughi","herald-chen","rafael-vivas"],"qualification":"This is the company's own statement; the 2025 annual report separately treats Tripledot and Humans, Inc. as related parties during 2025.","response":"","outcome":""},"reading":"Fact: AppLovin's 2026 proxy statement states that since January 1, 2025 it has entered into no transactions above $120,000 with related persons other than those it describes: the Investor Rights Agreement with Adam Foroughi, the Equity Exchange Right Agreement with Herald Chen and the employment of Rafael Vivas."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-investor-rights","record":{"id":"c-rp-investor-rights","kind":"fact","text":"Under an Investor Rights Agreement, Adam Foroughi and an entity affiliated with him may require AppLovin to register their shares for sale or to include them in a registration statement the company is filing.","source_ids":["src-001"],"entity_ids":["adam-foroughi","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Under an Investor Rights Agreement, Adam Foroughi and an entity affiliated with him may require AppLovin to register their shares for sale or to include them in a registration statement the company is filing."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-chen-exchange","record":{"id":"c-rp-chen-exchange","kind":"fact","text":"Under an Equity Exchange Right Agreement made at the IPO, Herald Chen may require AppLovin to exchange Class A shares he receives on exercising pre-IPO options for the same number of Class B shares; the agreement covered options over 2,280,201 shares, of which 330,201 were still unexercised on March 31, 2026.","source_ids":["src-001"],"entity_ids":["herald-chen","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Under an Equity Exchange Right Agreement made at the IPO, Herald Chen may require AppLovin to exchange Class A shares he receives on exercising pre-IPO options for the same number of Class B shares; the agreement covered options over 2,280,201 shares, of which 330,201 were still unexercised on March 31, 2026."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-rafael-vivas","record":{"id":"c-rp-rafael-vivas","kind":"fact","text":"Rafael Vivas, the brother of director Eduardo Vivas, is an AppLovin employee; in 2025 he received a salary of $400,000 and restricted stock units over 4,856 Class A shares, and his salary is unchanged for 2026. In March 2019 AppLovin lent him $2.3 million under a promissory note at 2.59% (cut to 0.41% in August 2020) so that he could exercise stock options early; the note of $2,273,400 was still outstanding in April 2023 and was repaid in full with interest in March 2024.","source_ids":["src-001","src-002","src-010"],"entity_ids":["rafael-vivas","eduardo-vivas","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Rafael Vivas, the brother of director Eduardo Vivas, is an AppLovin employee; in 2025 he received a salary of $400,000 and restricted stock units over 4,856 Class A shares, and his salary is unchanged for 2026. In March 2019 AppLovin lent him $2.3 million under a promissory note at 2.59% (cut to 0.41% in August 2020) so that he could exercise stock options early; the note of $2,273,400 was still outstanding in April 2023 and was repaid in full with interest in March 2024."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-lion-studios","record":{"id":"c-rp-lion-studios","kind":"fact","text":"When AppLovin launched its mobile game publishing division Lion Studios in July 2018, the trade press reported that it would be headed by president Rafael Vivas; Lion Studios, LLC is listed among AppLovin's subsidiaries in its 2022 annual report.","source_ids":["src-100","src-099"],"entity_ids":["rafael-vivas","lion-studios","applovin"],"qualification":"Rafael Vivas's Lion Studios role is reported by the trade press and a business directory, not by AppLovin's filings.","response":"","outcome":""},"reading":"Fact: When AppLovin launched its mobile game publishing division Lion Studios in July 2018, the trade press reported that it would be headed by president Rafael Vivas; Lion Studios, LLC is listed among AppLovin's subsidiaries in its 2022 annual report."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-officer-loans","record":{"id":"c-rp-officer-loans","kind":"fact","text":"Before the IPO AppLovin lent money to executive officers so that they could exercise stock options early: Herald Chen $12,120,000 (November 2019), Katie Jansen three notes of $503,000, $673,600 and $1,464,000 (2019-2020), Basil Shikin $505,200 and $503,000 (March 2019) and Victoria Valenzuela $4,863,343 (July 2020). The interest rates were reduced to the IRS mid-term rate of 0.41% in August 2020, and all four repaid their notes in February 2021.","source_ids":["src-006"],"entity_ids":["applovin","herald-chen","katie-jansen","vasily-shikin","victoria-valenzuela"],"qualification":"","response":"","outcome":""},"reading":"Fact: Before the IPO AppLovin lent money to executive officers so that they could exercise stock options early: Herald Chen $12,120,000 (November 2019), Katie Jansen three notes of $503,000, $673,600 and $1,464,000 (2019-2020), Basil Shikin $505,200 and $503,000 (March 2019) and Victoria Valenzuela $4,863,343 (July 2020). The interest rates were reduced to the IRS mid-term rate of 0.41% in August 2020, and all four repaid their notes in February 2021."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-repurchases-2019","record":{"id":"c-rp-repurchases-2019","kind":"fact","text":"In December 2019 AppLovin repurchased 2,475,000 Class A shares from Adam Foroughi and 300,000 from Eduardo Vivas, shares with a fair value of $14.0 million, paying with unsecured five-year 2% promissory notes of $10.0 million and $1.2 million. It repaid both notes in December 2021 for $11.7 million in total; the 2023 proxy puts the amounts paid at about $10.4 million to Foroughi and $1.3 million to Vivas.","source_ids":["src-034","src-010"],"entity_ids":["applovin","adam-foroughi","eduardo-vivas"],"qualification":"","response":"","outcome":""},"reading":"Fact: In December 2019 AppLovin repurchased 2,475,000 Class A shares from Adam Foroughi and 300,000 from Eduardo Vivas, shares with a fair value of $14.0 million, paying with unsecured five-year 2% promissory notes of $10.0 million and $1.2 million. It repaid both notes in December 2021 for $11.7 million in total; the 2023 proxy puts the amounts paid at about $10.4 million to Foroughi and $1.3 million to Vivas."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-repurchases-2021","record":{"id":"c-rp-repurchases-2021","kind":"fact","text":"In February 2021 AppLovin repurchased 153,541 shares from Herald Chen for $12.3 million and 60,968 shares from Victoria Valenzuela for $4.9 million.","source_ids":["src-056"],"entity_ids":["applovin","herald-chen","victoria-valenzuela"],"qualification":"","response":"","outcome":""},"reading":"Fact: In February 2021 AppLovin repurchased 153,541 shares from Herald Chen for $12.3 million and 60,968 shares from Victoria Valenzuela for $4.9 million."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-cookie-monster","record":{"id":"c-rp-cookie-monster","kind":"fact","text":"Cookie Monster Capital, LLC, a mobile game developer owned by director Eduardo Vivas, had a game assignment and revenue-share agreement with AppLovin from October 2020 under which AppLovin published one of its games; AppLovin paid it $0.7 million in 2021 and $0.2 million in 2022, and amounts for 2020 were not material.","source_ids":["src-010","src-034"],"entity_ids":["cookie-monster","eduardo-vivas","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: Cookie Monster Capital, LLC, a mobile game developer owned by director Eduardo Vivas, had a game assignment and revenue-share agreement with AppLovin from October 2020 under which AppLovin published one of its games; AppLovin paid it $0.7 million in 2021 and $0.2 million in 2022, and amounts for 2020 were not material."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-humans","record":{"id":"c-rp-humans","kind":"fact","text":"On February 14, 2024 AppLovin agreed to invest $50 million in the Series C preferred financing of Humans, Inc., the developer of the Flip Shop shopping app, giving it about 4.1% of Flip Shop's fully diluted shares, and Flip Shop signed a commercial agreement to use AppLovin's AXON technology. On March 27, 2024 Flip Shop merged with Curated, Inc., the company Eduardo Vivas had founded and run; Vivas became Flip Shop's chief operating officer, a board member and a holder of more than 5%.","source_ids":["src-041"],"entity_ids":["applovin","humans-inc","curated","eduardo-vivas"],"qualification":"","response":"","outcome":""},"reading":"Fact: On February 14, 2024 AppLovin agreed to invest $50 million in the Series C preferred financing of Humans, Inc., the developer of the Flip Shop shopping app, giving it about 4.1% of Flip Shop's fully diluted shares, and Flip Shop signed a commercial agreement to use AppLovin's AXON technology. On March 27, 2024 Flip Shop merged with Curated, Inc., the company Eduardo Vivas had founded and run; Vivas became Flip Shop's chief operating officer, a board member and a holder of more than 5%."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-humans-outcome","record":{"id":"c-rp-humans-outcome","kind":"fact","text":"AppLovin treated Humans, Inc. as a related party until Eduardo Vivas resigned as its chief operating officer and director in September 2025. No transactions took place under the revenue-share commercial agreement, and in 2025 AppLovin wrote off its entire $50.0 million investment because of Humans' deteriorating finances and doubts about its ability to continue as a going concern.","source_ids":["src-002"],"entity_ids":["applovin","humans-inc","eduardo-vivas"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin treated Humans, Inc. as a related party until Eduardo Vivas resigned as its chief operating officer and director in September 2025. No transactions took place under the revenue-share commercial agreement, and in 2025 AppLovin wrote off its entire $50.0 million investment because of Humans' deteriorating finances and doubts about its ability to continue as a going concern."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-rp-directed-shares","record":{"id":"c-rp-directed-shares","kind":"fact","text":"Through the directed share programme of AppLovin's IPO, director Margaret Georgiadis bought 3,600 shares and the spouse of director Craig Billings bought 202 shares.","source_ids":["src-056"],"entity_ids":["applovin","margaret-georgiadis","craig-billings"],"qualification":"","response":"","outcome":""},"reading":"Fact: Through the directed share programme of AppLovin's IPO, director Margaret Georgiadis bought 3,600 shares and the spouse of director Craig Billings bought 202 shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-ipo-summary","record":{"id":"c-deal-ipo-summary","kind":"fact","text":"AppLovin's IPO prospectus states that since 2018 it had invested more than $1 billion in 15 strategic acquisitions and partnerships, including PeopleFun (first quarter of 2018), MAX (third quarter of 2018), SafeDK (July 2019) and Machine Zone (May 2020), and that in February 2021 it had agreed to buy Adjust.","source_ids":["src-006"],"entity_ids":["applovin","peoplefun","max-advertising","safedk","machine-zone","adjust-gmbh"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's IPO prospectus states that since 2018 it had invested more than $1 billion in 15 strategic acquisitions and partnerships, including PeopleFun (first quarter of 2018), MAX (third quarter of 2018), SafeDK (July 2019) and Machine Zone (May 2020), and that in February 2021 it had agreed to buy Adjust."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-peoplefun","record":{"id":"c-deal-peoplefun","kind":"fact","text":"On March 31, 2018 AppLovin bought all shares of PeopleFun, Inc., a mobile game company in Richardson, Texas, for $19.8 million in cash plus an earn-out of up to $79.2 million; the purchase price was recorded at $73.9 million. In December 2018 the earn-out was replaced by a one-time payment of cash and Class A shares, on which AppLovin recognised a $10.8 million gain.","source_ids":["src-102","src-006"],"entity_ids":["applovin","peoplefun"],"qualification":"","response":"","outcome":""},"reading":"Fact: On March 31, 2018 AppLovin bought all shares of PeopleFun, Inc., a mobile game company in Richardson, Texas, for $19.8 million in cash plus an earn-out of up to $79.2 million; the purchase price was recorded at $73.9 million. In December 2018 the earn-out was replaced by a one-time payment of cash and Class A shares, on which AppLovin recognised a $10.8 million gain."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-max","record":{"id":"c-deal-max","kind":"fact","text":"On September 4, 2018 AppLovin bought MAX Advertising Systems, Inc. of San Francisco for $31.9 million in cash and 438,240 shares valued at $0.7 million; MAX became its in-app bidding platform for publisher monetisation.","source_ids":["src-102","src-006"],"entity_ids":["applovin","max-advertising"],"qualification":"","response":"","outcome":""},"reading":"Fact: On September 4, 2018 AppLovin bought MAX Advertising Systems, Inc. of San Francisco for $31.9 million in cash and 438,240 shares valued at $0.7 million; MAX became its in-app bidding platform for publisher monetisation."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-2019-companies","record":{"id":"c-deal-2019-companies","kind":"fact","text":"In 2019 AppLovin added SafeDK (July), whose brand-safety features it integrated into MAX, and the game studio Clipwire Games (November); its accounts show business combinations in 2019 for $54.6 million in total, without a breakdown by company.","source_ids":["src-006","src-102"],"entity_ids":["applovin","safedk","clipwire"],"qualification":"","response":"","outcome":""},"reading":"Fact: In 2019 AppLovin added SafeDK (July), whose brand-safety features it integrated into MAX, and the game studio Clipwire Games (November); its accounts show business combinations in 2019 for $54.6 million in total, without a breakdown by company."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-recoded","record":{"id":"c-deal-recoded","kind":"fact","text":"In January 2019 AppLovin bought a mobile game from Recoded, an independent foreign-based developer, for $150.0 million upfront and $90.0 million deferred, accounted for as a $240.0 million asset acquisition, with one-time earn-outs of $60.0 million or $30.0 million for each new game developed under a three-year service agreement. In January 2021 it paid Recoded $60.0 million for a further game acquired in 2020 and in February 2021 the $90.0 million deferred consideration.","source_ids":["src-006","src-034"],"entity_ids":["applovin","recoded"],"qualification":"","response":"","outcome":""},"reading":"Fact: In January 2019 AppLovin bought a mobile game from Recoded, an independent foreign-based developer, for $150.0 million upfront and $90.0 million deferred, accounted for as a $240.0 million asset acquisition, with one-time earn-outs of $60.0 million or $30.0 million for each new game developed under a three-year service agreement. In January 2021 it paid Recoded $60.0 million for a further game acquired in 2020 and in February 2021 the $90.0 million deferred consideration."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-samfinaco","record":{"id":"c-deal-samfinaco","kind":"fact","text":"In August 2019 AppLovin bought four mobile games from a company in Cyprus, developed by an independent foreign developer, for $131.6 million upfront, $22.5 million deferred and four years of earn-outs, recording $167.1 million for the games; in April 2019 it had bought assets of a U.S. game developer for $59.4 million plus $10.5 million deferred. Neither seller is named; AppLovin's 2021 subsidiary list includes a Cyprus company, Samfinaco Limited.","source_ids":["src-102","src-036"],"entity_ids":["applovin","samfinaco"],"qualification":"The filings name the August 2019 purchase after Samfinaco but do not state whether Samfinaco Limited was the seller or a group vehicle.","response":"","outcome":""},"reading":"Fact: In August 2019 AppLovin bought four mobile games from a company in Cyprus, developed by an independent foreign developer, for $131.6 million upfront, $22.5 million deferred and four years of earn-outs, recording $167.1 million for the games; in April 2019 it had bought assets of a U.S. game developer for $59.4 million plus $10.5 million deferred. Neither seller is named; AppLovin's 2021 subsidiary list includes a Cyprus company, Samfinaco Limited."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-geewa-2020","record":{"id":"c-deal-geewa-2020","kind":"fact","text":"On January 31, 2020 AppLovin bought all shares of the Czech mobile game company Geewa a.s. for $25.6 million, of which $23.5 million in cash and $2.1 million held back for indemnities.","source_ids":["src-006"],"entity_ids":["applovin","geewa"],"qualification":"","response":"","outcome":""},"reading":"Fact: On January 31, 2020 AppLovin bought all shares of the Czech mobile game company Geewa a.s. for $25.6 million, of which $23.5 million in cash and $2.1 million held back for indemnities."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-redemption","record":{"id":"c-deal-redemption","kind":"fact","text":"On April 6, 2020 AppLovin bought 95.5% of Redemption Games, Inc. for $53.7 million, valuing the company at $56.2 million, and raised its stake to 98.2% in November 2020.","source_ids":["src-006"],"entity_ids":["applovin","redemption-games"],"qualification":"","response":"","outcome":""},"reading":"Fact: On April 6, 2020 AppLovin bought 95.5% of Redemption Games, Inc. for $53.7 million, valuing the company at $56.2 million, and raised its stake to 98.2% in November 2020."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-machine-zone","record":{"id":"c-deal-machine-zone","kind":"fact","text":"On May 19, 2020 AppLovin acquired the Palo Alto game company Machine Zone, Inc. by merger with Morocco Acquisition Sub, a subsidiary of its subsidiary Morocco, Inc., buying all shares and settling all of Machine Zone's debt for $328.6 million: $287.1 million in cash to Machine Zone's lenders, warrants valued at $38.2 million and $3.3 million of receivables set off.","source_ids":["src-006","src-034"],"entity_ids":["applovin","machine-zone","morocco"],"qualification":"An online encyclopedia puts the price at about $500 million; the prospectus figure is the accounting purchase price including the debt settlement.","response":"","outcome":""},"reading":"Fact: On May 19, 2020 AppLovin acquired the Palo Alto game company Machine Zone, Inc. by merger with Morocco Acquisition Sub, a subsidiary of its subsidiary Morocco, Inc., buying all shares and settling all of Machine Zone's debt for $328.6 million: $287.1 million in cash to Machine Zone's lenders, warrants valued at $38.2 million and $3.3 million of receivables set off."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-adjust","record":{"id":"c-deal-adjust","kind":"fact","text":"On April 20, 2021 AppLovin acquired adjust GmbH, a Berlin mobile app tracking and analytics company, buying all shares and settling its debt for a stated $980.0 million: $352.0 million in convertible securities (converted into Class A shares), a $50.0 million cash holdback and $578.0 million in cash, with a fair value of $967.8 million. The buyer under the amended share purchase agreement was AppLovin's subsidiary AppLovin Active Holdings, LLC; Adjust's shareholders and Spree Eternity GmbH were also parties.","source_ids":["src-034"],"entity_ids":["applovin","adjust-gmbh","applovin-active-holdings","spree-eternity"],"qualification":"","response":"","outcome":""},"reading":"Fact: On April 20, 2021 AppLovin acquired adjust GmbH, a Berlin mobile app tracking and analytics company, buying all shares and settling its debt for a stated $980.0 million: $352.0 million in convertible securities (converted into Class A shares), a $50.0 million cash holdback and $578.0 million in cash, with a fair value of $967.8 million. The buyer under the amended share purchase agreement was AppLovin's subsidiary AppLovin Active Holdings, LLC; Adjust's shareholders and Spree Eternity GmbH were also parties."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-2021-assets","record":{"id":"c-deal-2021-assets","kind":"fact","text":"In 2021 AppLovin also bought mobile games in asset deals: in April two purchases from two foreign developers for $300.0 million upfront plus earn-outs, with four-year development agreements, and further purchases later in the year.","source_ids":["src-034"],"entity_ids":["applovin"],"qualification":"The sellers are not named in the filing.","response":"","outcome":""},"reading":"Fact: In 2021 AppLovin also bought mobile games in asset deals: in April two purchases from two foreign developers for $300.0 million upfront plus earn-outs, with four-year development agreements, and further purchases later in the year."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-mopub","record":{"id":"c-deal-mopub","kind":"fact","text":"On January 1, 2022 AppLovin bought the MoPub advertising business from Twitter, Inc. for $1.03 billion in cash ($1,030.3 million, of which $632.5 million goodwill), to move MoPub's publishers and demand partners onto its MAX platform.","source_ids":["src-034"],"entity_ids":["applovin","twitter"],"qualification":"","response":"","outcome":""},"reading":"Fact: On January 1, 2022 AppLovin bought the MoPub advertising business from Twitter, Inc. for $1.03 billion in cash ($1,030.3 million, of which $632.5 million goodwill), to move MoPub's publishers and demand partners onto its MAX platform."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-wurl","record":{"id":"c-deal-wurl","kind":"fact","text":"On April 1, 2022 AppLovin bought all equity of Wurl, Inc., a connected-TV software company, for $378.2 million: $219.3 million in cash, 2,579,692 Class A shares valued at $137.4 million and a deferred holdback of $22.7 million.","source_ids":["src-034"],"entity_ids":["applovin","wurl-inc"],"qualification":"","response":"","outcome":""},"reading":"Fact: On April 1, 2022 AppLovin bought all equity of Wurl, Inc., a connected-TV software company, for $378.2 million: $219.3 million in cash, 2,579,692 Class A shares valued at $137.4 million and a deferred holdback of $22.7 million."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-list-2025","record":{"id":"c-deal-list-2025","kind":"fact","text":"AppLovin's annual reports name Machine Zone (May 2020), Adjust (April 2021), Twitter's MoPub business (January 2022) and Wurl (April 2022) as examples of its acquisitions, and the report for 2025 states that there were no business combinations in 2024 or 2025.","source_ids":["src-002","src-034"],"entity_ids":["applovin","machine-zone","adjust-gmbh","twitter","wurl-inc"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin's annual reports name Machine Zone (May 2020), Adjust (April 2021), Twitter's MoPub business (January 2022) and Wurl (April 2022) as examples of its acquisitions, and the report for 2025 states that there were no business combinations in 2024 or 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-unity-2022","record":{"id":"c-deal-unity-2022","kind":"fact","text":"In August 2022 AppLovin made a non-binding proposal to combine with Unity Software and later withdrew it.","source_ids":["src-034"],"entity_ids":["applovin","unity"],"qualification":"","response":"","outcome":""},"reading":"Fact: In August 2022 AppLovin made a non-binding proposal to combine with Unity Software and later withdrew it."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-tiktok","record":{"id":"c-deal-tiktok","kind":"fact","text":"In April 2025 AppLovin confirmed that it had given the President of the United States an indication of interest in buying TikTok's business outside China; it did not enter into a transaction.","source_ids":["src-002"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: In April 2025 AppLovin confirmed that it had given the President of the United States an indication of interest in buying TikTok's business outside China; it did not enter into a transaction."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-apps-term-sheet","record":{"id":"c-deal-apps-term-sheet","kind":"fact","text":"On February 12, 2025 AppLovin announced a term sheet to sell its mobile gaming business to an unnamed private company for $900 million, $400 million in the buyer's shares and $500 million in cash.","source_ids":["src-020"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: On February 12, 2025 AppLovin announced a term sheet to sell its mobile gaming business to an unnamed private company for $900 million, $400 million in the buyer's shares and $500 million in cash."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-apps-sale","record":{"id":"c-deal-apps-sale","kind":"fact","text":"On May 7, 2025 AppLovin and its subsidiaries Morocco, Inc. and AppLovin GmbH agreed to sell the Apps business to Tripledot, a Cayman Islands company, and its subsidiaries Eton Games, Inc. and Tripledot Group Holdings Limited (named TDS Group Holdings Limited in the amendment). An amendment of June 30, 2025, signed by Adam Foroughi and Tripledot chief executive Lior Shiff, set a minimum cash payment of $150 million and let Tripledot pay the balance in cash instead of by a promissory note. The sale closed on June 30, 2025 for $715.6 million: $430.6 million in cash and 596.9 million Tripledot shares valued at $285.0 million, about 22% of Tripledot's shares and 20% of its fully diluted equity.","source_ids":["src-002","src-040"],"entity_ids":["applovin","morocco","applovin-gmbh","tripledot","eton-games","tripledot-group-holdings","tds-group-holdings","adam-foroughi","lior-shiff"],"qualification":"","response":"","outcome":""},"reading":"Fact: On May 7, 2025 AppLovin and its subsidiaries Morocco, Inc. and AppLovin GmbH agreed to sell the Apps business to Tripledot, a Cayman Islands company, and its subsidiaries Eton Games, Inc. and Tripledot Group Holdings Limited (named TDS Group Holdings Limited in the amendment). An amendment of June 30, 2025, signed by Adam Foroughi and Tripledot chief executive Lior Shiff, set a minimum cash payment of $150 million and let Tripledot pay the balance in cash instead of by a promissory note. The sale closed on June 30, 2025 for $715.6 million: $430.6 million in cash and 596.9 million Tripledot shares valued at $285.0 million, about 22% of Tripledot's shares and 20% of its fully diluted equity."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-tripledot-related","record":{"id":"c-deal-tripledot-related","kind":"fact","text":"Since the closing AppLovin accounts for its Tripledot stake by the equity method and treats Tripledot and its subsidiaries as related parties; from the closing to December 31, 2025 it recognised $19.0 million of revenue from their use of its advertising products, and it provided transitional services for up to six months.","source_ids":["src-002"],"entity_ids":["applovin","tripledot"],"qualification":"","response":"","outcome":""},"reading":"Fact: Since the closing AppLovin accounts for its Tripledot stake by the equity method and treats Tripledot and its subsidiaries as related parties; from the closing to December 31, 2025 it recognised $19.0 million of revenue from their use of its advertising products, and it provided transitional services for up to six months."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-retained-proceedings","record":{"id":"c-deal-retained-proceedings","kind":"fact","text":"After the sale AppLovin kept responsibility for certain legal proceedings concerning its former studios, which it does not expect to be material.","source_ids":["src-002"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: After the sale AppLovin kept responsibility for certain legal proceedings concerning its former studios, which it does not expect to be material."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-studios-after-sale","record":{"id":"c-deal-studios-after-sale","kind":"fact","text":"Business-directory and encyclopedia records show former AppLovin studios under Tripledot after the sale: AL Gaming GmbH of Berlin, owned by AppLovin GmbH in 2025, is shown as wholly owned by Tripledot Group Holdings Ltd., and Machine Zone is described as a Tripledot subsidiary from July 1, 2025.","source_ids":["src-026","src-117"],"entity_ids":["al-gaming","applovin-gmbh","tripledot-group-holdings","machine-zone","tripledot"],"qualification":"Secondary sources; the purchase agreement in the record does not list the companies transferred.","response":"","outcome":""},"reading":"Fact: Business-directory and encyclopedia records show former AppLovin studios under Tripledot after the sale: AL Gaming GmbH of Berlin, owned by AppLovin GmbH in 2025, is shown as wholly owned by Tripledot Group Holdings Ltd., and Machine Zone is described as a Tripledot subsidiary from July 1, 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-studios-2021","record":{"id":"c-deal-studios-2021","kind":"fact","text":"The IPO prospectus lists twelve owned and partner studios, among them Lion Studios, PeopleFun, Clipwire Games, Geewa, Redemption Games, Machine Zone and ZenLife, and quotes the founder of partner studio Magic Tavern, Charlie Gu, on the game Project Makeover. AppLovin's 2022 subsidiary list includes Magic Tavern, Inc., ZenLife Games Pte. Ltd. and ZenLife Games Limited.","source_ids":["src-006","src-099"],"entity_ids":["applovin","lion-studios","peoplefun","clipwire","geewa","redemption-games","machine-zone","zenlife-sg","zenlife-cy","magic-tavern","charlie-gu"],"qualification":"The filings do not say when or for how much Magic Tavern and ZenLife became subsidiaries.","response":"","outcome":""},"reading":"Fact: The IPO prospectus lists twelve owned and partner studios, among them Lion Studios, PeopleFun, Clipwire Games, Geewa, Redemption Games, Machine Zone and ZenLife, and quotes the founder of partner studio Magic Tavern, Charlie Gu, on the game Project Makeover. AppLovin's 2022 subsidiary list includes Magic Tavern, Inc., ZenLife Games Pte. Ltd. and ZenLife Games Limited."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-geewa-exit","record":{"id":"c-deal-geewa-exit","kind":"fact","text":"The Czech commercial register lists AppLovin Corporation as the sole shareholder of Geewa a.s. until August 4, 2022 and, from that day, Vendetera Invest s.r.o., a Prague holding company set up on June 20, 2022 through a corporate-services provider and wholly owned since July 26, 2022 by Ryan Matthew De Santo, who is also its sole managing director. De Santo had joined Geewa's board in October 2021 and sat on its single-member administrative board from August 2022 to September 2025.","source_ids":["src-051","src-069"],"entity_ids":["geewa","applovin","vendetera","ryan-de-santo"],"qualification":"The register does not show a price or the terms of the transfer, and no AppLovin filing in the record mentions the sale of Geewa.","response":"","outcome":""},"reading":"Fact: The Czech commercial register lists AppLovin Corporation as the sole shareholder of Geewa a.s. until August 4, 2022 and, from that day, Vendetera Invest s.r.o., a Prague holding company set up on June 20, 2022 through a corporate-services provider and wholly owned since July 26, 2022 by Ryan Matthew De Santo, who is also its sole managing director. De Santo had joined Geewa's board in October 2021 and sat on its single-member administrative board from August 2022 to September 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-deal-geewa-board","record":{"id":"c-deal-geewa-board","kind":"fact","text":"While AppLovin owned Geewa, Herald Chen was a member of Geewa's board of directors from October 5, 2021 to August 4, 2022. Geewa's legal entity identifier, issued in 2017, has not been renewed since December 2021 and is shown as lapsed.","source_ids":["src-051","src-110"],"entity_ids":["herald-chen","geewa","applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: While AppLovin owned Geewa, Herald Chen was a member of Geewa's board of directors from October 5, 2021 to August 4, 2022. Geewa's legal entity identifier, issued in 2017, has not been renewed since December 2021 and is shown as lapsed."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-ex21-2021","record":{"id":"c-st-ex21-2021","kind":"fact","text":"The full subsidiary list filed with AppLovin's annual report for 2021 includes the Adjust group (Adjust GmbH, adjust International Holding GmbH, adjust Inc., Adeven Israel Ltd, Adjust Software Limited in England, Adjust Singapore and other national companies), AppLovin GmbH in Germany, AL HK Ltd in Hong Kong, AppLovin Cayman Limited and AppLovin Corporate Limited in the Cayman Islands, AppLovin Active Holdings, LLC in the United States, AppLovin Business Consulting in China, AppLovin Cyprus Limited, the Israeli companies SafeDK Mobile Ltd and Unbotify Ltd, the merger vehicle Morocco, Inc., Samfinaco Limited in Cyprus and game studios such as Machine Zone, Inc., Geewa a.s., Clipwire Games Inc., Redemption Games, Inc., PeopleFun, Inc., Lion Studios, LLC and the ZenLife companies.","source_ids":["src-036"],"entity_ids":["applovin","adjust-gmbh","adjust-international","adeven-israel","adjust-software-ltd","applovin-gmbh","al-hk","applovin-cayman","applovin-corporate","applovin-active-holdings","applovin-cyprus","safedk","unbotify","morocco","samfinaco","machine-zone","geewa","clipwire","redemption-games","peoplefun","lion-studios","zenlife-cy","zenlife-sg"],"qualification":"","response":"","outcome":""},"reading":"Fact: The full subsidiary list filed with AppLovin's annual report for 2021 includes the Adjust group (Adjust GmbH, adjust International Holding GmbH, adjust Inc., Adeven Israel Ltd, Adjust Software Limited in England, Adjust Singapore and other national companies), AppLovin GmbH in Germany, AL HK Ltd in Hong Kong, AppLovin Cayman Limited and AppLovin Corporate Limited in the Cayman Islands, AppLovin Active Holdings, LLC in the United States, AppLovin Business Consulting in China, AppLovin Cyprus Limited, the Israeli companies SafeDK Mobile Ltd and Unbotify Ltd, the merger vehicle Morocco, Inc., Samfinaco Limited in Cyprus and game studios such as Machine Zone, Inc., Geewa a.s., Clipwire Games Inc., Redemption Games, Inc., PeopleFun, Inc., Lion Studios, LLC and the ZenLife companies."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-ex21-2022","record":{"id":"c-st-ex21-2022","kind":"fact","text":"The subsidiary list filed with the annual report for 2022 names Adjust GmbH (Germany), AppLovin Active Holdings, LLC, AppLovin Cyprus Limited, Clipwire Games Inc. (Canada), Lion Studios, LLC, Machine Zone, Inc., Magic Tavern, Inc., Morocco, Inc., PeopleFun, Inc., WURL, LLC, ZenLife Games Limited (Cyprus) and ZenLife Games Pte. Ltd. (Singapore).","source_ids":["src-099"],"entity_ids":["applovin","adjust-gmbh","applovin-active-holdings","applovin-cyprus","clipwire","lion-studios","machine-zone","magic-tavern","morocco","peoplefun","wurl-llc","zenlife-cy","zenlife-sg"],"qualification":"","response":"","outcome":""},"reading":"Fact: The subsidiary list filed with the annual report for 2022 names Adjust GmbH (Germany), AppLovin Active Holdings, LLC, AppLovin Cyprus Limited, Clipwire Games Inc. (Canada), Lion Studios, LLC, Machine Zone, Inc., Magic Tavern, Inc., Morocco, Inc., PeopleFun, Inc., WURL, LLC, ZenLife Games Limited (Cyprus) and ZenLife Games Pte. Ltd. (Singapore)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-ex21-2024","record":{"id":"c-st-ex21-2024","kind":"fact","text":"The subsidiary list filed with the annual report for 2024, also referred to in the report for 2025, names three subsidiaries: Adjust GmbH (Germany), AppLovin Active Holdings, LLC (United States) and AppLovin (Singapore) Pte. Ltd. (Singapore).","source_ids":["src-007"],"entity_ids":["applovin","adjust-gmbh","applovin-active-holdings","applovin-singapore"],"qualification":"Such lists may omit subsidiaries that are not individually significant; earlier lists named many more companies.","response":"","outcome":""},"reading":"Fact: The subsidiary list filed with the annual report for 2024, also referred to in the report for 2025, names three subsidiaries: Adjust GmbH (Germany), AppLovin Active Holdings, LLC (United States) and AppLovin (Singapore) Pte. Ltd. (Singapore)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-singapore","record":{"id":"c-st-singapore","kind":"fact","text":"AppLovin (Singapore) Pte. Ltd. was incorporated on April 21, 2023 and is live, with software publishing as its principal activity and advertising as its secondary activity, registered at a Cecil Street office building used by many other companies.","source_ids":["src-037"],"entity_ids":["applovin-singapore"],"qualification":"Read in a business-directory or register-aggregator copy, not in the official register.","response":"","outcome":""},"reading":"Fact: AppLovin (Singapore) Pte. Ltd. was incorporated on April 21, 2023 and is live, with software publishing as its principal activity and advertising as its secondary activity, registered at a Cecil Street office building used by many other companies."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-singapore-tech","record":{"id":"c-st-singapore-tech","kind":"fact","text":"Two further Singapore companies with the group's name, AppLovin (Singapore) Technologies I Pte. Ltd. (incorporated December 20, 2024, listed with money-transfer and treasury activities) and AppLovin (Singapore) Technologies II Pte. Ltd., with consecutive registration numbers, were struck off the register on January 26, 2026 according to the official gazette list. A directory gives Technologies I the same Cecil Street address as AppLovin (Singapore) Pte. Ltd. and describes it as an AppLovin subsidiary.","source_ids":["src-107","src-103"],"entity_ids":["applovin-sg-tech-1","applovin-sg-tech-2","applovin-singapore","applovin"],"qualification":"Neither company is named in AppLovin's subsidiary lists; the connection to the group rests on the names and directory profiles.","response":"","outcome":""},"reading":"Fact: Two further Singapore companies with the group's name, AppLovin (Singapore) Technologies I Pte. Ltd. (incorporated December 20, 2024, listed with money-transfer and treasury activities) and AppLovin (Singapore) Technologies II Pte. Ltd., with consecutive registration numbers, were struck off the register on January 26, 2026 according to the official gazette list. A directory gives Technologies I the same Cecil Street address as AppLovin (Singapore) Pte. Ltd. and describes it as an AppLovin subsidiary."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-wurl-llc","record":{"id":"c-st-wurl-llc","kind":"fact","text":"WURL, LLC is a Delaware limited liability company registered in California as an out-of-state company on July 19, 2022, three months after AppLovin bought Wurl, Inc., with its address at AppLovin's principal office, 1100 Page Mill Road in Palo Alto.","source_ids":["src-038"],"entity_ids":["wurl-llc","applovin","wurl-inc"],"qualification":"Read in a business-directory or register-aggregator copy, not in the official register. The record does not show whether Wurl, Inc. was converted into WURL, LLC.","response":"","outcome":""},"reading":"Fact: WURL, LLC is a Delaware limited liability company registered in California as an out-of-state company on July 19, 2022, three months after AppLovin bought Wurl, Inc., with its address at AppLovin's principal office, 1100 Page Mill Road in Palo Alto."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-applovin-gmbh","record":{"id":"c-st-applovin-gmbh","kind":"fact","text":"AppLovin GmbH is registered with the commercial register of the Charlottenburg district court in Berlin under HRB 179573 B and was one of the sellers of the Apps business in 2025. Register data shown by an aggregator give its purpose as developing and distributing advertising solutions for mobile devices and list Dominik Roß, earlier an authorised signatory, as a managing director.","source_ids":["src-040","src-026"],"entity_ids":["applovin-gmbh","applovin","dominik-ross"],"qualification":"","response":"","outcome":""},"reading":"Fact: AppLovin GmbH is registered with the commercial register of the Charlottenburg district court in Berlin under HRB 179573 B and was one of the sellers of the Apps business in 2025. Register data shown by an aggregator give its purpose as developing and distributing advertising solutions for mobile devices and list Dominik Roß, earlier an authorised signatory, as a managing director."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-adjust-identity","record":{"id":"c-st-adjust-identity","kind":"fact","text":"Adjust GmbH, founded in 2012 and registered in Berlin under HRB 140616 B, has its registered office at Saarbrücker Straße 37A; register publications show it was first registered as adeven GmbH. Its purpose is developing and operating platforms for the verification, optimisation and targeted delivery of digital campaigns, especially on mobile devices.","source_ids":["src-025","src-072"],"entity_ids":["adjust-gmbh"],"qualification":"The former name and purpose come from a register aggregator; the founding year, seat and register number are stated in Adjust's audited 2020 statements filed with the SEC.","response":"","outcome":""},"reading":"Fact: Adjust GmbH, founded in 2012 and registered in Berlin under HRB 140616 B, has its registered office at Saarbrücker Straße 37A; register publications show it was first registered as adeven GmbH. Its purpose is developing and operating platforms for the verification, optimisation and targeted delivery of digital campaigns, especially on mobile devices."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-adjust-group-2020","record":{"id":"c-st-adjust-group-2020","kind":"fact","text":"Adjust's consolidated statements for 2020, audited by Deloitte GmbH and filed by AppLovin with the SEC, list twelve wholly owned subsidiaries, including Adjust Inc and Acquired IO Inc in the United States, Adeven Software Ltd. in Great Britain, Unbotify Ltd. and Adeven Israel Ltd in Israel, Adjust International Holding GmbH in Germany and companies in Japan, China, Korea, France, Singapore and Brazil.","source_ids":["src-072"],"entity_ids":["adjust-gmbh","adjust-software-ltd","unbotify","adeven-israel","adjust-international","deloitte-gmbh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Adjust's consolidated statements for 2020, audited by Deloitte GmbH and filed by AppLovin with the SEC, list twelve wholly owned subsidiaries, including Adjust Inc and Acquired IO Inc in the United States, Adeven Software Ltd. in Great Britain, Unbotify Ltd. and Adeven Israel Ltd in Israel, Adjust International Holding GmbH in Germany and companies in Japan, China, Korea, France, Singapore and Brazil."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-unbotify","record":{"id":"c-st-unbotify","kind":"fact","text":"On January 28, 2019, before AppLovin bought Adjust, Adjust acquired all of Unbotify Ltd. of Tel Aviv, a developer of a machine-learning tool that separates real users from bots, for EUR 16.9 million in cash plus contingent consideration.","source_ids":["src-072"],"entity_ids":["adjust-gmbh","unbotify"],"qualification":"","response":"","outcome":""},"reading":"Fact: On January 28, 2019, before AppLovin bought Adjust, Adjust acquired all of Unbotify Ltd. of Tel Aviv, a developer of a machine-learning tool that separates real users from bots, for EUR 16.9 million in cash plus contingent consideration."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-adjust-management","record":{"id":"c-st-adjust-management","kind":"fact","text":"Adjust's 2020 statements were signed on February 15, 2021 by its management board, Paul Müller and Christian Henschel, and record that Adjust's shareholders had signed an agreement on February 2, 2021 to sell all of its shares to AppLovin, after which Adjust would remain an independent company within the group. Register publications shown by aggregators record Müller as managing director of Adjust GmbH from 2012 to 2022 and Henschel from 2012 until October 2021, and both as managing directors of adjust International Holding GmbH until 2021-2022.","source_ids":["src-072","src-087","src-088"],"entity_ids":["adjust-gmbh","paul-mueller","christian-henschel","applovin","adjust-international"],"qualification":"","response":"","outcome":""},"reading":"Fact: Adjust's 2020 statements were signed on February 15, 2021 by its management board, Paul Müller and Christian Henschel, and record that Adjust's shareholders had signed an agreement on February 2, 2021 to sell all of its shares to AppLovin, after which Adjust would remain an independent company within the group. Register publications shown by aggregators record Müller as managing director of Adjust GmbH from 2012 to 2022 and Henschel from 2012 until October 2021, and both as managing directors of adjust International Holding GmbH until 2021-2022."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-adjust-management-now","record":{"id":"c-st-adjust-management-now","kind":"fact","text":"A register aggregator lists Andrey Kazakov and Egor Lukomsky as current managing directors of Adjust GmbH, Paul Müller and Marina Keitel as former managing directors, and phm equity GmbH as holding 6.3% of Adjust in 2020.","source_ids":["src-025"],"entity_ids":["adjust-gmbh","andrey-kazakov","egor-lukomsky","paul-mueller","marina-keitel","phm-equity"],"qualification":"Read in a business-directory or register-aggregator copy, not in the official register. The aggregator does not confirm the direction or dates of the relationships.","response":"","outcome":""},"reading":"Fact: A register aggregator lists Andrey Kazakov and Egor Lukomsky as current managing directors of Adjust GmbH, Paul Müller and Marina Keitel as former managing directors, and phm equity GmbH as holding 6.3% of Adjust in 2020."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-adjust-international","record":{"id":"c-st-adjust-international","kind":"fact","text":"adjust International Holding GmbH was registered in Berlin on August 21, 2019 with share capital of EUR 25,000 and Christian Henschel and Paul Müller as managing directors; aggregators mark it as dissolved.","source_ids":["src-088","src-071"],"entity_ids":["adjust-international","christian-henschel","paul-mueller"],"qualification":"Read in a business-directory or register-aggregator copy, not in the official register.","response":"","outcome":""},"reading":"Fact: adjust International Holding GmbH was registered in Berlin on August 21, 2019 with share capital of EUR 25,000 and Christian Henschel and Paul Müller as managing directors; aggregators mark it as dissolved."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-henschel-other","record":{"id":"c-st-henschel-other","kind":"fact","text":"Register publications shown by an aggregator list Christian Henschel as managing director of Spree Eternity GmbH (registered in 2012 as Spree Eternity UG), a party to the 2021 Adjust share purchase agreement, and as a former director of Adjust's British subsidiary Adjust Software Limited until May 2021.","source_ids":["src-088"],"entity_ids":["christian-henschel","spree-eternity","adjust-software-ltd"],"qualification":"Read in a business-directory or register-aggregator copy, not in the official register. The record does not explain Spree Eternity's role in the purchase.","response":"","outcome":""},"reading":"Fact: Register publications shown by an aggregator list Christian Henschel as managing director of Spree Eternity GmbH (registered in 2012 as Spree Eternity UG), a party to the 2021 Adjust share purchase agreement, and as a former director of Adjust's British subsidiary Adjust Software Limited until May 2021."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-safedk-registry","record":{"id":"c-st-safedk-registry","kind":"fact","text":"An Israeli Corporations Authority extract dated January 21, 2025 shows SafeDK Mobile Ltd, company number 515138816, registered on September 29, 2014 and active, with AppLovin Corporation as sole shareholder (entry of November 18, 2021) and Arash Adam Foroughi as director since July 8, 2020.","source_ids":["src-055"],"entity_ids":["safedk","applovin","adam-foroughi"],"qualification":"The extract was read in a copy published by short seller Fuzzy Panda Research and partly transcribed by OCR; the identification of the director with AppLovin's chief executive rests on the full name.","response":"","outcome":""},"reading":"Fact: An Israeli Corporations Authority extract dated January 21, 2025 shows SafeDK Mobile Ltd, company number 515138816, registered on September 29, 2014 and active, with AppLovin Corporation as sole shareholder (entry of November 18, 2021) and Arash Adam Foroughi as director since July 8, 2020."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-st-safedk-trademark","record":{"id":"c-st-safedk-trademark","kind":"fact","text":"The U.S. trademark SAFEDK, registered in December 2015 to SafeDK Mobile Ltd of Herzliya, Israel for software that monitors SDKs, was cancelled on July 8, 2022 because no declaration of use was filed.","source_ids":["src-112"],"entity_ids":["safedk"],"qualification":"","response":"","outcome":""},"reading":"Fact: The U.S. trademark SAFEDK, registered in December 2015 to SafeDK Mobile Ltd of Herzliya, Israel for software that monitors SDKs, was cancelled on July 8, 2022 because no declaration of use was filed."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-item3","record":{"id":"c-lg-item3","kind":"fact","text":"In the legal-proceedings sections of its annual report for 2025 and its quarterly report for the second quarter of 2026, AppLovin says in general terms that it is involved in legal proceedings and claims as well as \"governmental and other regulatory investigations and proceedings\", but names only the US securities class action and the shareholder derivative litigation. It says it cannot estimate the maximum potential exposure or range of possible loss.","source_ids":["src-002","src-059"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: In the legal-proceedings sections of its annual report for 2025 and its quarterly report for the second quarter of 2026, AppLovin says in general terms that it is involved in legal proceedings and claims as well as \"governmental and other regulatory investigations and proceedings\", but names only the US securities class action and the shareholder derivative litigation. It says it cannot estimate the maximum potential exposure or range of possible loss."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-securities","record":{"id":"c-lg-securities","kind":"attributed","text":"Beginning in March 2025, shareholders filed putative class actions in the U.S. District Court for the Northern District of California against AppLovin, Adam Foroughi, Matthew Stumpf and, in two of the three complaints, Herald Chen, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5. Two of the complaints, including one filed by the Wayne County Employees' Retirement System, were voluntarily dismissed in May 2025. In the remaining case (No. 4:25-cv-02772), the court-appointed lead plaintiffs, Northern California Pipe Trades Trust Funds and Monroe County Employees' Retirement System, filed an amended complaint on September 12, 2025 that added Basil Shikin as a defendant. It alleges that the defendants made materially false and misleading statements about AppLovin's advertising solutions and financial growth during a class period from November 7, 2024 to March 27, 2025.","source_ids":["src-002","src-031"],"entity_ids":["applovin","adam-foroughi","matthew-stumpf","herald-chen","vasily-shikin","ncpttf","monroe-county-ers"],"qualification":"These are the plaintiffs' allegations; no court has ruled on them.","response":"AppLovin says the allegations lack merit and that it will vigorously contest the action.","outcome":"The defendants moved to dismiss the amended complaint on November 14, 2025. On April 14, 2026 the court took that motion and the plaintiffs' motion for leave to supplement their complaint under submission without a hearing, and on September 30, 2026 it denied the motion to supplement. No ruling on the merits is in the record as of mid-October 2026.","adverse_subject_ids":["applovin","adam-foroughi","matthew-stumpf","herald-chen","vasily-shikin"]},"reading":"Attributed: Beginning in March 2025, shareholders filed putative class actions in the U.S. District Court for the Northern District of California against AppLovin, Adam Foroughi, Matthew Stumpf and, in two of the three complaints, Herald Chen, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5. Two of the complaints, including one filed by the Wayne County Employees' Retirement System, were voluntarily dismissed in May 2025. In the remaining case (No. 4:25-cv-02772), the court-appointed lead plaintiffs, Northern California Pipe Trades Trust Funds and Monroe County Employees' Retirement System, filed an amended complaint on September 12, 2025 that added Basil Shikin as a defendant. It alleges that the defendants made materially false and misleading statements about AppLovin's advertising solutions and financial growth during a class period from November 7, 2024 to March 27, 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-securities-docket","record":{"id":"c-lg-securities-docket","kind":"fact","text":"The court docket for case No. 4:25-cv-02772, assigned to Judge Haywood S. Gilliam Jr., records the amended complaint filed on September 12, 2025 by Northern California Pipe Trades Trust Funds and Monroe County Employees' Retirement System against AppLovin, Herald Chen, Adam Foroughi, Matthew Stumpf and Vasily (Basil) Shikin, the defendants' motion to dismiss of November 14, 2025 (with a hearing then set for March 12, 2026), the court's notice of April 14, 2026 taking the pending motions under submission and vacating the April 23 hearing, and its order of September 30, 2026 denying the plaintiffs' motion to supplement the complaint.","source_ids":["src-031","src-032"],"entity_ids":["applovin","herald-chen","adam-foroughi","matthew-stumpf","vasily-shikin","ncpttf","monroe-county-ers"],"qualification":"Read on a court-docket aggregator; the order on the motion to dismiss is not on the docket pages read.","response":"","outcome":""},"reading":"Fact: The court docket for case No. 4:25-cv-02772, assigned to Judge Haywood S. Gilliam Jr., records the amended complaint filed on September 12, 2025 by Northern California Pipe Trades Trust Funds and Monroe County Employees' Retirement System against AppLovin, Herald Chen, Adam Foroughi, Matthew Stumpf and Vasily (Basil) Shikin, the defendants' motion to dismiss of November 14, 2025 (with a hearing then set for March 12, 2026), the court's notice of April 14, 2026 taking the pending motions under submission and vacating the April 23 hearing, and its order of September 30, 2026 denying the plaintiffs' motion to supplement the complaint."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-derivative","record":{"id":"c-lg-derivative","kind":"attributed","text":"From late March 2025 shareholders filed derivative complaints in the Northern District of California against the then members of AppLovin's board, Adam Foroughi and Matthew Stumpf, alleging violations of Section 14(a) of the Exchange Act, breaches of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and waste of corporate assets, and seeking contribution from Foroughi and Stumpf. Relying on the securities complaints, they allege that these defendants made materially false and misleading statements about AppLovin's advertising solutions and financial growth.","source_ids":["src-002"],"entity_ids":["applovin","adam-foroughi","matthew-stumpf"],"qualification":"These are the plaintiffs' allegations; no court has ruled on them.","response":"AppLovin says the allegations lack merit and that it will vigorously contest the actions.","outcome":"The derivative complaints have been consolidated and stayed until the motion to dismiss in the securities class action is decided.","adverse_subject_ids":["adam-foroughi","matthew-stumpf"]},"reading":"Attributed: From late March 2025 shareholders filed derivative complaints in the Northern District of California against the then members of AppLovin's board, Adam Foroughi and Matthew Stumpf, alleging violations of Section 14(a) of the Exchange Act, breaches of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and waste of corporate assets, and seeking contribution from Foroughi and Stumpf. Relying on the securities complaints, they allege that these defendants made materially false and misleading statements about AppLovin's advertising solutions and financial growth."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-second-class-action","record":{"id":"c-lg-second-class-action","kind":"attributed","text":"On September 16, 2026 a further putative securities class action was filed in the Northern District of California (No. 3:26-cv-10584) against AppLovin, Adam Foroughi and Matthew Stumpf under the Private Securities Litigation Reform Act, with a jury demand. A plaintiffs' law firm announced a class action for purchasers of AppLovin securities between February 12 and August 5, 2026, alleging that the company failed to disclose that the generative AI video creative feature for its AppLovin Ads platform faced significant development delays and that it overstated how constantly it was improving its AI models and the benefits of its \"virtuous cycle\" value proposition; lead-plaintiff motions are due by November 16, 2026.","source_ids":["src-063","src-061"],"entity_ids":["applovin","adam-foroughi","matthew-stumpf"],"qualification":"The law firm's announcement does not name the court or the case number, so it is not confirmed that it refers to the September 16 complaint. The allegations are untested.","response":"","outcome":"On the last docket update read (September 16, 2026) the case contained only the complaint and a proposed summons.","adverse_subject_ids":["applovin","adam-foroughi","matthew-stumpf"]},"reading":"Attributed: On September 16, 2026 a further putative securities class action was filed in the Northern District of California (No. 3:26-cv-10584) against AppLovin, Adam Foroughi and Matthew Stumpf under the Private Securities Litigation Reform Act, with a jury demand. A plaintiffs' law firm announced a class action for purchasers of AppLovin securities between February 12 and August 5, 2026, alleging that the company failed to disclose that the generative AI video creative feature for its AppLovin Ads platform faced significant development delays and that it overstated how constantly it was improving its AI models and the benefits of its \"virtuous cycle\" value proposition; lead-plaintiff motions are due by November 16, 2026."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-tpc-filing","record":{"id":"c-lg-tpc-filing","kind":"fact","text":"On May 21, 2026 Stichting The Privacy Collective (TPC), an Amsterdam foundation, served a collective-action summons under Article 3:305a of the Dutch Civil Code on AppLovin Corporation and Adjust GmbH, to be brought before the Amsterdam District Court with a first docket date of August 26, 2026, according to the extract filed in the Dutch central register of collective actions. TPC asks the court to appoint it exclusive representative of the affected group.","source_ids":["src-085"],"entity_ids":["tpc","applovin","adjust-gmbh"],"qualification":"","response":"","outcome":""},"reading":"Fact: On May 21, 2026 Stichting The Privacy Collective (TPC), an Amsterdam foundation, served a collective-action summons under Article 3:305a of the Dutch Civil Code on AppLovin Corporation and Adjust GmbH, to be brought before the Amsterdam District Court with a first docket date of August 26, 2026, according to the extract filed in the Dutch central register of collective actions. TPC asks the court to appoint it exclusive representative of the affected group."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-tpc-allegations","record":{"id":"c-lg-tpc-allegations","kind":"attributed","text":"The Privacy Collective (TPC) sues on behalf of Dutch residents who since May 25, 2018 have used Android or iOS apps containing AppLovin or Adjust software development kits, a group it puts at no fewer than 8.5 million people, including about 1.5 million minors. It alleges that processing their data through the SDKs and real-time bidding auctions lacks a legal basis, transparency and protection for children, in breach of the GDPR, including its information duties (Articles 12 to 14) and the ban on processing special categories of data such as health, religion and sexual orientation (Article 9), and of Article 11.7a of the Dutch Telecommunications Act. TPC describes Adjust as a German group company of AppLovin providing measurement and attribution services and alleges that the two jointly determine the purposes and means of the processing. It seeks a declaration of joint and several liability, orders stopping the SDK practices and deleting data, penalty payments of EUR 1,000,000 per violation plus EUR 250,000 a day capped at 4% of the defendants' worldwide annual turnover, and compensation for non-material and material damage; the press reported claims of EUR 1,500 per child and EUR 500 per adult, amounts not stated in the register extract.","source_ids":["src-085","src-068"],"entity_ids":["tpc","applovin","adjust-gmbh"],"qualification":"These are the claimant's allegations; Adjust's place in the group is separately documented in AppLovin's subsidiary lists.","response":"","outcome":"The case was due for its first docket date on August 26, 2026. No ruling on the merits is in the record as of mid-October 2026.","adverse_subject_ids":["applovin","adjust-gmbh"]},"reading":"Attributed: The Privacy Collective (TPC) sues on behalf of Dutch residents who since May 25, 2018 have used Android or iOS apps containing AppLovin or Adjust software development kits, a group it puts at no fewer than 8.5 million people, including about 1.5 million minors. It alleges that processing their data through the SDKs and real-time bidding auctions lacks a legal basis, transparency and protection for children, in breach of the GDPR, including its information duties (Articles 12 to 14) and the ban on processing special categories of data such as health, religion and sexual orientation (Article 9), and of Article 11.7a of the Dutch Telecommunications Act. TPC describes Adjust as a German group company of AppLovin providing measurement and attribution services and alleges that the two jointly determine the purposes and means of the processing. It seeks a declaration of joint and several liability, orders stopping the SDK practices and deleting data, penalty payments of EUR 1,000,000 per violation plus EUR 250,000 a day capped at 4% of the defendants' worldwide annual turnover, and compensation for non-material and material damage; the press reported claims of EUR 1,500 per child and EUR 500 per adult, amounts not stated in the register extract."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-tpc-amnesty","record":{"id":"c-lg-tpc-amnesty","kind":"attributed","text":"Amnesty International Netherlands publicly supported The Privacy Collective's lawsuit on the day it was filed, saying that AppLovin's tracking software in popular games and apps collects personal data from millions of Dutch users, including one and a half million children, and that the data is allegedly shared with hundreds of other companies and used to build user profiles for selling advertising. It named Block Blast, Subway Surfers, Helix Jump, Vinted and CapCut Video Editor among the apps in which the software had been found.","source_ids":["src-068","src-118"],"entity_ids":["applovin","tpc"],"qualification":"Amnesty supports the claimant; its statement repeats the claimant's case and is not a finding.","response":"","outcome":"","adverse_subject_ids":["applovin"]},"reading":"Attributed: Amnesty International Netherlands publicly supported The Privacy Collective's lawsuit on the day it was filed, saying that AppLovin's tracking software in popular games and apps collects personal data from millions of Dutch users, including one and a half million children, and that the data is allegedly shared with hundreds of other companies and used to build user profiles for selling advertising. It named Block Blast, Subway Surfers, Helix Jump, Vinted and CapCut Video Editor among the apps in which the software had been found."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-santa-clara","record":{"id":"c-lg-santa-clara","kind":"attributed","text":"Short seller Fuzzy Panda Research wrote in February 2025 that a class action filed in California in August 2024 (Santa Clara County Superior Court, No. 24CV434574), which AppLovin had not disclosed, accuses the company of using the Adjust SDK to collect a \"wealth of information\", including precise location, IP addresses and device identifiers, and to track users without their consent.","source_ids":["src-076"],"entity_ids":["applovin","adjust-gmbh"],"qualification":"The complaint itself was not retrieved; AppLovin's filings in the record do not name this case, and its course is not known.","response":"","outcome":"","adverse_subject_ids":["applovin"]},"reading":"Attributed: Short seller Fuzzy Panda Research wrote in February 2025 that a class action filed in California in August 2024 (Santa Clara County Superior Court, No. 24CV434574), which AppLovin had not disclosed, accuses the company of using the Adjust SDK to collect a \"wealth of information\", including precise location, IP addresses and device identifiers, and to track users without their consent."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-lg-unity","record":{"id":"c-lg-unity","kind":"attributed","text":"In late September 2026 AppLovin applied to the Superior Court of California in San Francisco (case CPF26520212) for a temporary restraining order against Unity, alleging that Unity's Ad Quality SDK had improperly collected data on advertisements served by AppLovin, including creatives, users and devices, impression revenue and engagement, and, \"on information and belief\", used it to train models competing against AppLovin in advertising auctions. The application accompanies a JAMS arbitration initiated by AppLovin with claims of breach of contract, trade-secret misappropriation, interference with business relationships and unfair competition.","source_ids":["src-098","src-106"],"entity_ids":["applovin","unity","safedk"],"qualification":"AppLovin's allegations as described in the press; the court filings and the arbitration papers were not retrieved.","response":"Unity called the filings \"a classic case of a dominant incumbent resorting to litigation and intimidation\" against increased competition, said Ad Quality is a publisher-authorized product outside the companies' bidding agreement, and argued that AppLovin's own Ad Review product, formerly SafeDK, is \"far more intrusive\"; AppLovin says Ad Review operates only on impressions mediated through MAX and is used to moderate problematic advertising, not to build profiles or train its models.","outcome":"The court declined the temporary restraining order, as reported on October 2, 2026; the decision concerned only interim relief, and the dispute on the merits continues in private arbitration.","adverse_subject_ids":["unity"]},"reading":"Attributed: In late September 2026 AppLovin applied to the Superior Court of California in San Francisco (case CPF26520212) for a temporary restraining order against Unity, alleging that Unity's Ad Quality SDK had improperly collected data on advertisements served by AppLovin, including creatives, users and devices, impression revenue and engagement, and, \"on information and belief\", used it to train models competing against AppLovin in advertising auctions. The application accompanies a JAMS arbitration initiated by AppLovin with claims of breach of contract, trade-secret misappropriation, interference with business relationships and unfair competition."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sec-probe","record":{"id":"c-sec-probe","kind":"unresolved","text":"In October 2025 the press reported, citing people familiar with the matter, that the U.S. Securities and Exchange Commission was investigating allegations that AppLovin had violated platform partners' service agreements in order to push more targeted advertising to consumers, acting on a whistleblower complaint filed that year and on several short-seller reports. The reports said neither the company nor its officials had been accused of wrongdoing. AppLovin's shares fell 14% in regular trading after the report.","source_ids":["src-064","src-065"],"entity_ids":["applovin"],"qualification":"Neither the SEC nor AppLovin has publicly confirmed the subject or scope of an investigation. AppLovin's annual report for 2025 and its quarterly report for the second quarter of 2026 do not name an SEC investigation; they refer only in general terms to governmental and other regulatory investigations and proceedings.","response":"An AppLovin spokesperson said the company does not typically comment on the \"existence or non-existence\" of regulatory matters, that it regularly engages with regulators and addresses inquiries in the ordinary course, and that material developments, if any, would be disclosed through the appropriate public channels.","outcome":"In February 2026 the press reported that the SEC, refusing a records request on appeal, had written that an \"investigation involving AppLovin is still active and ongoing\" and that releasing staff correspondence might \"cause harm to the ongoing and active enforcement investigation\"; the SEC did not specify the subject or scope of the investigation or accuse AppLovin or its officials of wrongdoing. The SEC letter itself is not in the record.","adverse_subject_ids":["applovin"]},"reading":"Unresolved: In October 2025 the press reported, citing people familiar with the matter, that the U.S. Securities and Exchange Commission was investigating allegations that AppLovin had violated platform partners' service agreements in order to push more targeted advertising to consumers, acting on a whistleblower complaint filed that year and on several short-seller reports. The reports said neither the company nor its officials had been accused of wrongdoing. AppLovin's shares fell 14% in regular trading after the report."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-reports","record":{"id":"c-sh-reports","kind":"fact","text":"In 2025 three short sellers published reports on AppLovin while disclosing short positions in its shares: Fuzzy Panda Research and Culper Research on February 26, 2025, Muddy Waters Research on March 27, 2025, and Culper Research again on June 12, 2025. Muddy Waters said it intended to begin covering a substantial majority, possibly all, of its short position upon publication. AppLovin's shares fell 12% on February 26, the day of the first reports, according to the press.","source_ids":["src-080","src-065","src-076","src-081","src-079"],"entity_ids":["applovin"],"qualification":"","response":"","outcome":""},"reading":"Fact: In 2025 three short sellers published reports on AppLovin while disclosing short positions in its shares: Fuzzy Panda Research and Culper Research on February 26, 2025, Muddy Waters Research on March 27, 2025, and Culper Research again on June 12, 2025. Muddy Waters said it intended to begin covering a substantial majority, possibly all, of its short position upon publication. AppLovin's shares fell 12% on February 26, the day of the first reports, according to the press."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-ceo-note","record":{"id":"c-sh-ceo-note","kind":"fact","text":"In a \"Note from our CEO\" published on AppLovin's website on February 26, 2025 as a mid-quarter update, Adam Foroughi called the short reports false and misleading and said they aimed to drive down the stock price for the short sellers' own gain. He said the games AppLovin promotes comply with App Store policies and that every download results from an explicit user choice, \"whether via the App Store or our Direct Download experience\"; that AppLovin does not track children's data, prohibits apps directed exclusively at children and does not work separately with data brokers; that Adjust and MAX operate independently \"with no conflicts or house bias\"; and that the claims of financial and accounting improprieties are incorrect, with no duplication of revenue from related parties, a Big Four auditor that has never issued a modified opinion, and a low tax burden explained by stock-based compensation deductions and tax structuring.","source_ids":["src-078","src-065","src-080"],"entity_ids":["applovin","adam-foroughi","adjust-gmbh","max-advertising"],"qualification":"This is AppLovin's own account; the page read is undated, and the date is the one Muddy Waters gives when quoting the note.","response":"","outcome":""},"reading":"Fact: In a \"Note from our CEO\" published on AppLovin's website on February 26, 2025 as a mid-quarter update, Adam Foroughi called the short reports false and misleading and said they aimed to drive down the stock price for the short sellers' own gain. He said the games AppLovin promotes comply with App Store policies and that every download results from an explicit user choice, \"whether via the App Store or our Direct Download experience\"; that AppLovin does not track children's data, prohibits apps directed exclusively at children and does not work separately with data brokers; that Adjust and MAX operate independently \"with no conflicts or house bias\"; and that the claims of financial and accounting improprieties are incorrect, with no duplication of revenue from related parties, a Big Four auditor that has never issued a modified opinion, and a low tax burden explained by stock-based compensation deductions and tax structuring."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-fuzzy-panda","record":{"id":"c-sh-fuzzy-panda","kind":"attributed","text":"Fuzzy Panda Research alleged that AppLovin's AXON 2.0 algorithm is \"the nexus of a House of Cards built upon tactics that formers and experts refer to as 'Ad Fraud'\", that it had been told AppLovin was taking data from Meta for its e-commerce push, and that AppLovin violated Google's and Apple's app store policies. It said ads were programmed to \"click themselves\", that children's accounts set to \"Do Not Track\" received a persistent AppLovin identifier across apps, that an older SDK version collected 50 attributes on children, that user data was sent to third-party data brokers, and that its tests on children's devices showed sexual ads served to girls aged 7 and 12.","source_ids":["src-076"],"entity_ids":["applovin"],"qualification":"Fuzzy Panda held a short position; its findings rest on its own tests, code review and unnamed former employees. No regulator or court has ruled on these allegations in the record.","response":"AppLovin's chief executive called the reports false and misleading, said the company does not track children's data, prohibits apps directed exclusively at children and does not work separately with data brokers.","outcome":"","adverse_subject_ids":["applovin"]},"reading":"Attributed: Fuzzy Panda Research alleged that AppLovin's AXON 2.0 algorithm is \"the nexus of a House of Cards built upon tactics that formers and experts refer to as 'Ad Fraud'\", that it had been told AppLovin was taking data from Meta for its e-commerce push, and that AppLovin violated Google's and Apple's app store policies. It said ads were programmed to \"click themselves\", that children's accounts set to \"Do Not Track\" received a persistent AppLovin identifier across apps, that an older SDK version collected 50 attributes on children, that user data was sent to third-party data brokers, and that its tests on children's devices showed sexual ads served to girls aged 7 and 12."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-fuzzy-panda-adjust","record":{"id":"c-sh-fuzzy-panda-adjust","kind":"attributed","text":"Citing unnamed former Adjust executives, Fuzzy Panda Research alleged that after buying Adjust, AppLovin whitelisted itself in Adjust's fraud detection and fired a majority of Adjust's anti-fraud team.","source_ids":["src-076"],"entity_ids":["applovin","adjust-gmbh"],"qualification":"Based on unnamed sources. No regulator or court has ruled on these allegations in the record.","response":"AppLovin said Adjust and MAX operations are \"entirely independent and transparent, with no conflicts or house bias\".","outcome":"","adverse_subject_ids":["applovin"]},"reading":"Attributed: Citing unnamed former Adjust executives, Fuzzy Panda Research alleged that after buying Adjust, AppLovin whitelisted itself in Adjust's fraud detection and fired a majority of Adjust's anti-fraud team."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-foroughi-background","record":{"id":"c-sh-foroughi-background","kind":"attributed","text":"Fuzzy Panda Research, citing Culper Research, wrote that Adam Foroughi had previously worked at Gator Corporation, which it described as \"notorious as one of the first widespread spyware applications\", and that Social Hour, founded by Foroughi and Andrew Karam, was banned by Facebook for showing \"scammy ads\".","source_ids":["src-076"],"entity_ids":["adam-foroughi","andrew-karam","social-hour"],"qualification":"AppLovin's proxy statement confirms that Foroughi co-founded Social Hour; his work at Gator and the Facebook ban are not documented in the record.","response":"","outcome":"","adverse_subject_ids":["adam-foroughi"]},"reading":"Attributed: Fuzzy Panda Research, citing Culper Research, wrote that Adam Foroughi had previously worked at Gator Corporation, which it described as \"notorious as one of the first widespread spyware applications\", and that Social Hour, founded by Foroughi and Andrew Karam, was banned by Facebook for showing \"scammy ads\"."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-culper-installs","record":{"id":"c-sh-culper-installs","kind":"attributed","text":"Culper Research alleged that AppLovin used AXON 2.0 largely as a promotional tool and that its growth in mobile games rested on silent app installs from ads. It wrote that AppLovin had introduced Array in late 2022 to install apps on phones through device makers and carriers, and that from late 2022 through at least late 2024 it \"smuggled\" a permission into thousands of customers' apps via MAX SDK updates that let them bind to Array's AppHub and install apps outside the Google Play store, including in Subway Surfers, 8 Ball Pool, Wordscapes and Angry Birds 2. It said reviews alleged that Bricks n Balls, a game then owned by AppLovin's studio PeopleFun, was installed without consent, with install spikes in Brazil (May 2023) and India (September 2023) shortly after new Array partnerships with Samsung and OPPO, and cited AppLovin staff describing Direct Download as the company's top revenue driver and a Samsung agreement \"valued at $1 billion over 4 years\". It also alleged that the e-commerce programme was \"rigged\", with advertisers required to show $600,000 a month of spending on Meta so that AppLovin could see their ads through MAX and take credit for sales.","source_ids":["src-081","src-076"],"entity_ids":["applovin","peoplefun","max-advertising"],"qualification":"Culper held a short position; its findings rest on its own decompiling of code, app reviews and third-party data. No regulator or court has ruled on these allegations in the record.","response":"AppLovin's chief executive said every download results from an explicit user choice, whether through the App Store or AppLovin's Direct Download experience, and that all promoted games comply with App Store policies.","outcome":"","adverse_subject_ids":["applovin"]},"reading":"Attributed: Culper Research alleged that AppLovin used AXON 2.0 largely as a promotional tool and that its growth in mobile games rested on silent app installs from ads. It wrote that AppLovin had introduced Array in late 2022 to install apps on phones through device makers and carriers, and that from late 2022 through at least late 2024 it \"smuggled\" a permission into thousands of customers' apps via MAX SDK updates that let them bind to Array's AppHub and install apps outside the Google Play store, including in Subway Surfers, 8 Ball Pool, Wordscapes and Angry Birds 2. It said reviews alleged that Bricks n Balls, a game then owned by AppLovin's studio PeopleFun, was installed without consent, with install spikes in Brazil (May 2023) and India (September 2023) shortly after new Array partnerships with Samsung and OPPO, and cited AppLovin staff describing Direct Download as the company's top revenue driver and a Samsung agreement \"valued at $1 billion over 4 years\". It also alleged that the e-commerce programme was \"rigged\", with advertisers required to show $600,000 a month of spending on Meta so that AppLovin could see their ads through MAX and take credit for sales."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-culper-insider-sales","record":{"id":"c-sh-culper-insider-sales","kind":"attributed","text":"Culper Research wrote in February 2025 that over the previous twelve months insiders had sold nearly $2.0 billion of AppLovin stock and KKR had sold its entire remaining $7.3 billion stake.","source_ids":["src-081"],"entity_ids":["applovin","kkr"],"qualification":"KKR's full exit in 2024 is documented in AppLovin's filings; the dollar amounts were not checked.","response":"","outcome":""},"reading":"Attributed: Culper Research wrote in February 2025 that over the previous twelve months insiders had sold nearly $2.0 billion of AppLovin stock and KKR had sold its entire remaining $7.3 billion stake."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-muddy-waters","record":{"id":"c-sh-muddy-waters","kind":"attributed","text":"Muddy Waters Research alleged that AppLovin is \"Just Another Scammy AdTech Company\": that about 52% of the e-commerce sales attributed to it are retargeting and only about 25-35% incremental, far below chief executive Adam Foroughi's claim of \"nearly 100% incrementality\"; that e-commerce customer churn was about 23% in the first quarter of 2025, based on 171 of 755 customer websites dropping the AppLovin pixel between January and March; and that its code systematically violates third-party platforms' terms of service, because its pixel sends Facebook, Instagram, Snap and TikTok identifiers from customers' websites to AppLovin's servers to build \"Persistent Identity Graphs\" used for fingerprinting without user consent. It further alleged that AppLovin disguised the data collection by renaming a token linked to its Compass Analytics software, which it said had been dropped from AppLovin's two latest annual reports, that AppLovin appeared to collect fewer third-party identifiers after the earlier short reports, \"attempting to cover its tracks\", and that it risked being deplatformed. The press summarised the report as saying AppLovin funnels targeted ads to users without their consent.","source_ids":["src-080","src-034","src-082"],"entity_ids":["applovin","adam-foroughi","max-advertising"],"qualification":"Muddy Waters held a short position. AppLovin's 2022 annual report described Compass Analytics as a tool within MAX, and the term does not appear in its 2025 annual report (the 2023 and 2024 reports were not checked); the other findings rest on Muddy Waters' own data analysis. No regulator or court has ruled on these allegations in the record.","response":"AppLovin's chief executive has denied the short sellers' allegations; Muddy Waters itself quotes his February 26, 2025 statement that AppLovin obtains partner data only to provide advertising services and that Adjust and MAX operate independently.","outcome":"","adverse_subject_ids":["applovin"]},"reading":"Attributed: Muddy Waters Research alleged that AppLovin is \"Just Another Scammy AdTech Company\": that about 52% of the e-commerce sales attributed to it are retargeting and only about 25-35% incremental, far below chief executive Adam Foroughi's claim of \"nearly 100% incrementality\"; that e-commerce customer churn was about 23% in the first quarter of 2025, based on 171 of 755 customer websites dropping the AppLovin pixel between January and March; and that its code systematically violates third-party platforms' terms of service, because its pixel sends Facebook, Instagram, Snap and TikTok identifiers from customers' websites to AppLovin's servers to build \"Persistent Identity Graphs\" used for fingerprinting without user consent. It further alleged that AppLovin disguised the data collection by renaming a token linked to its Compass Analytics software, which it said had been dropped from AppLovin's two latest annual reports, that AppLovin appeared to collect fewer third-party identifiers after the earlier short reports, \"attempting to cover its tracks\", and that it risked being deplatformed. The press summarised the report as saying AppLovin funnels targeted ads to users without their consent."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-culper-china","record":{"id":"c-sh-culper-china","kind":"attributed","text":"In its June 2025 report Culper Research wrote that Adam Foroughi had said on AppLovin's first-quarter 2025 call in May 2025 that \"we don't operate inside China\", yet AppLovin had formed agency agreements in January 2025 with two Chinese advertising-technology companies, BlueFocus Intelligent Communications Group and eClickTech, to expand cross-border e-commerce operations, which it said were not disclosed to US investors.","source_ids":["src-079"],"entity_ids":["applovin","adam-foroughi","bluefocus","easy-click"],"qualification":"The agreements themselves are confirmed by the counterparties' announcements (see below); the conclusion that they contradict the chief executive's statement is Culper's.","response":"","outcome":"","adverse_subject_ids":["applovin"]},"reading":"Attributed: In its June 2025 report Culper Research wrote that Adam Foroughi had said on AppLovin's first-quarter 2025 call in May 2025 that \"we don't operate inside China\", yet AppLovin had formed agency agreements in January 2025 with two Chinese advertising-technology companies, BlueFocus Intelligent Communications Group and eClickTech, to expand cross-border e-commerce operations, which it said were not disclosed to US investors."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"c-sh-china-agents","record":{"id":"c-sh-china-agents","kind":"fact","text":"Both Chinese counterparties announced the arrangements themselves. On January 15, 2025 eClickTech said its Cyberklick brand had become AppLovin's first \"Greater China tier-one\" agent; BlueFocus's 2024 annual report summary, filed on the Shenzhen exchange's disclosure platform, says it signed with AppLovin at the end of the period and became its first certified e-commerce partner in Greater China, for cross-border e-commerce clients. Neither announcement gives amounts or terms.","source_ids":["src-091","src-111"],"entity_ids":["easy-click","bluefocus","applovin"],"qualification":"AppLovin's filings in the record do not mention these arrangements; the announcements are the counterparties' own statements.","response":"","outcome":""},"reading":"Fact: Both Chinese counterparties announced the arrangements themselves. On January 15, 2025 eClickTech said its Cyberklick brand had become AppLovin's first \"Greater China tier-one\" agent; BlueFocus's 2024 annual report summary, filed on the Shenzhen exchange's disclosure platform, says it signed with AppLovin at the end of the period and became its first certified e-commerce partner in Greater China, for cross-border e-commerce clients. Neither announcement gives amounts or terms."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-3dbb00fb237ef3fdf297efc9","record":{"id":"display-claim-3dbb00fb237ef3fdf297efc9","kind":"analysis","text":"The dossier sets AppLovin's documented ownership, from the founders' dual-class control and KKR's 2018–2024 investment to the offshore holders Hontai App Fund, Angel Pride Holdings and Hao Tang's companies, beside the short-seller and press accounts that question it, and keeps each account's limits, responses and outcomes with it. It follows the acquisitions from PeopleFun to Wurl and the 2025 sale of the studios to Tripledot, the related-party dealings, the board and officers, and the pending lawsuits in California and the Netherlands, the Unity dispute, the reported SEC investigation and the Justice Department's HSR settlement with KKR.","source_ids":["src-002","src-024","src-094","src-001","src-006","src-070","src-010","src-012","src-029","src-005","src-079","src-034","src-040","src-080","src-065","src-076","src-081","src-031","src-085","src-068","src-064","src-077"],"entity_ids":["applovin","nasdaq","adam-foroughi","herald-chen","kkr-denali","kkr","bofa-securities","hontai-app-fund","hontai-capital-cayman","yunjoy","angel-pride","ling-tang","hao-tang","midterm-success","asian-creative","xuanhui-liu","ap-investment-capital","prominence-trust","machine-zone","morocco","adjust-gmbh","applovin-active-holdings","spree-eternity","twitter","applovin-gmbh","tripledot","eton-games","tripledot-group-holdings","tds-group-holdings","lior-shiff","matthew-stumpf","vasily-shikin","ncpttf","monroe-county-ers","tpc","us-doj","kkr-co-inc","kkr-co-gp-llc","kkr-americas-fund-xii"],"premise_claim_ids":["c-id-registration","c-id-name","c-id-listing","c-id-products","c-fin-results-2023-2025","c-fin-letter-2025","c-id-share-classes","c-ctl-foroughi-2026","c-ctl-voting-agreement-2026","c-ctl-controlled-company","c-kkr-series-a-2018","c-kkr-exit","c-hon-fund-structure","c-ap-ipo","c-ht-2023-holding","c-ap-culper-control","c-deal-machine-zone","c-deal-adjust","c-deal-mopub","c-deal-apps-sale","c-sh-reports","c-lg-securities","c-lg-tpc-allegations","c-sec-probe","c-kkr-hsr-applovin"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The dossier sets AppLovin's documented ownership, from the founders' dual-class control and KKR's 2018–2024 investment to the offshore holders Hontai App Fund, Angel Pride Holdings and Hao Tang's companies, beside the short-seller and press accounts that question it, and keeps each account's limits, responses and outcomes with it. It follows the acquisitions from PeopleFun to Wurl and the 2025 sale of the studios to Tripledot, the related-party dealings, the board and officers, and the pending lawsuits in California and the Netherlands, the Unity dispute, the reported SEC investigation and the Justice Department's HSR settlement with KKR."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-9a9f7522129c58ed2c6b883c","record":{"id":"display-claim-9a9f7522129c58ed2c6b883c","kind":"analysis","text":"AppLovin Corporation is a Delaware corporation with its principal executive offices at 1100 Page Mill Road in Palo Alto, California; its SEC Central Index Key is 0001751008. A filing header records only a change of capitalisation of its name, from \"Applovin Corp\" to \"AppLovin Corp\", in August 2018. Its Class A common stock has traded on the Nasdaq Global Select Market under the symbol APP since the initial public offering of April 15, 2021, priced at $80.00 a share.","source_ids":["src-002","src-024","src-094"],"entity_ids":["applovin","nasdaq"],"premise_claim_ids":["c-id-registration","c-id-name","c-id-listing"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin Corporation is a Delaware corporation with its principal executive offices at 1100 Page Mill Road in Palo Alto, California; its SEC Central Index Key is 0001751008. A filing header records only a change of capitalisation of its name, from \"Applovin Corp\" to \"AppLovin Corp\", in August 2018. Its Class A common stock has traded on the Nasdaq Global Select Market under the symbol APP since the initial public offering of April 15, 2021, priced at $80.00 a share."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-4452710545fbfe813fbe721d","record":{"id":"display-claim-4452710545fbfe813fbe721d","kind":"analysis","text":"AppLovin describes its business through four advertising products: Axon Ads Manager, its user-acquisition tool built on the Axon recommendation engine; MAX, its in-app bidding solution for publishers; Adjust, its measurement and analytics platform; and Wurl, its connected-TV platform. Its 2025 annual report shows revenue from continuing operations of $5,480.7 million and net income from continuing operations of $3,433.2 million, against $1,841.8 million and $457.8 million in 2023; the company's own letter to shareholders adds $4.5 billion of Adjusted EBITDA, a non-GAAP measure.","source_ids":["src-002","src-001"],"entity_ids":["applovin"],"premise_claim_ids":["c-id-products","c-fin-results-2023-2025","c-fin-letter-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin describes its business through four advertising products: Axon Ads Manager, its user-acquisition tool built on the Axon recommendation engine; MAX, its in-app bidding solution for publishers; Adjust, its measurement and analytics platform; and Wurl, its connected-TV platform. Its 2025 annual report shows revenue from continuing operations of $5,480.7 million and net income from continuing operations of $3,433.2 million, against $1,841.8 million and $457.8 million in 2023; the company's own letter to shareholders adds $4.5 billion of Adjusted EBITDA, a non-GAAP measure."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-6dcd06863ce4153af1e878fd","record":{"id":"display-claim-6dcd06863ce4153af1e878fd","kind":"analysis","text":"Class A shares carry one vote and Class B shares 20 votes. Adam Foroughi held 92.5% of the Class B shares and 61.6% of total voting power on March 31, 2026. He and Herald Chen, with affiliated trusts and entities, are parties to a Voting Agreement under which all their shares are voted as the two of them decide; AppLovin's 2026 proxy statement attributes 66.9% of the votes to the shares under the agreement. AppLovin is therefore a \"controlled company\" under Nasdaq rules, although it says it does not use the exemptions that status allows.","source_ids":["src-001"],"entity_ids":["applovin","adam-foroughi","herald-chen"],"premise_claim_ids":["c-id-share-classes","c-ctl-foroughi-2026","c-ctl-voting-agreement-2026","c-ctl-controlled-company"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Class A shares carry one vote and Class B shares 20 votes. Adam Foroughi held 92.5% of the Class B shares and 61.6% of total voting power on March 31, 2026. He and Herald Chen, with affiliated trusts and entities, are parties to a Voting Agreement under which all their shares are voted as the two of them decide; AppLovin's 2026 proxy statement attributes 66.9% of the votes to the shares under the agreement. AppLovin is therefore a \"controlled company\" under Nasdaq rules, although it says it does not use the exemptions that status allows."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-46a92a28bc7dbc988a15dfc1","record":{"id":"display-claim-46a92a28bc7dbc988a15dfc1","kind":"analysis","text":"KKR Denali Holdings L.P. bought Series A preferred stock for about $400 million in August 2018; Herald Chen, then a KKR executive, later became AppLovin's president and chief financial officer. KKR Denali sold its stake in 2023 and 2024, partly back to AppLovin, and had no shares left by December 31, 2024.","source_ids":["src-006","src-002","src-070"],"entity_ids":["applovin","kkr-denali","herald-chen","kkr","bofa-securities"],"premise_claim_ids":["c-kkr-series-a-2018","c-kkr-exit"],"qualification":"","response":"","outcome":""},"reading":"Analysis: KKR Denali Holdings L.P. bought Series A preferred stock for about $400 million in August 2018; Herald Chen, then a KKR executive, later became AppLovin's president and chief financial officer. KKR Denali sold its stake in 2023 and 2024, partly back to AppLovin, and had no shares left by December 31, 2024."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-8df2e9ecdc5f861a78f879b3","record":{"id":"display-claim-8df2e9ecdc5f861a78f879b3","kind":"analysis","text":"Before the IPO, Hontai App Fund Limited Partnership held 14.1% and Angel Pride Holdings Limited 14.0% of the Class A shares. The prospectus named Tang Ling as Angel Pride's shareholder and sole director. Hontai App Fund distributed all its shares to unnamed limited partners by the end of 2023, and in October 2023 Hao Tang reported 8.4% of the Class A shares, held through Midterm Success Limited.","source_ids":["src-006","src-010","src-012","src-029","src-005"],"entity_ids":["hontai-app-fund","hontai-capital-cayman","yunjoy","applovin","angel-pride","ling-tang","hao-tang","midterm-success","asian-creative","xuanhui-liu"],"premise_claim_ids":["c-hon-fund-structure","c-ap-ipo","c-ht-2023-holding"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Before the IPO, Hontai App Fund Limited Partnership held 14.1% and Angel Pride Holdings Limited 14.0% of the Class A shares. The prospectus named Tang Ling as Angel Pride's shareholder and sole director. Hontai App Fund distributed all its shares to unnamed limited partners by the end of 2023, and in October 2023 Hao Tang reported 8.4% of the Class A shares, held through Midterm Success Limited."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-af4393b5980836da92fe22c8","record":{"id":"display-claim-af4393b5980836da92fe22c8","kind":"analysis","text":"Short seller Culper Research alleged in June 2025 that Hao Tang had backed AppLovin since at least 2017 and controlled up to 28% of the Class A shares before the IPO through offshore companies. The SEC filings in the record attribute Angel Pride's shares first to Ling Tang and then to Prominence Trust Limited, not to Hao Tang, and Culper's account has not been adopted by AppLovin or any authority.","source_ids":["src-079"],"entity_ids":["hao-tang","angel-pride","hontai-app-fund","ap-investment-capital","prominence-trust","applovin"],"premise_claim_ids":["c-ap-culper-control"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Short seller Culper Research alleged in June 2025 that Hao Tang had backed AppLovin since at least 2017 and controlled up to 28% of the Class A shares before the IPO through offshore companies. The SEC filings in the record attribute Angel Pride's shares first to Ling Tang and then to Prominence Trust Limited, not to Hao Tang, and Culper's account has not been adopted by AppLovin or any authority."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-0f0583805db21838a58aff8d","record":{"id":"display-claim-0f0583805db21838a58aff8d","kind":"analysis","text":"AppLovin built a portfolio of game studios and advertising technology, buying Machine Zone in May 2020, settling its debt for $328.6 million, Adjust GmbH in April 2021 for a stated $980.0 million, Twitter's MoPub business for $1.03 billion on January 1, 2022 and Wurl in April 2022. In 2025 it sold the Apps business, its game studios, to Tripledot for $715.6 million in cash and Tripledot shares, receiving about 22% of Tripledot's shares.","source_ids":["src-006","src-034","src-002","src-040"],"entity_ids":["applovin","machine-zone","morocco","adjust-gmbh","applovin-active-holdings","spree-eternity","twitter","applovin-gmbh","tripledot","eton-games","tripledot-group-holdings","tds-group-holdings","adam-foroughi","lior-shiff"],"premise_claim_ids":["c-deal-machine-zone","c-deal-adjust","c-deal-mopub","c-deal-apps-sale"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin built a portfolio of game studios and advertising technology, buying Machine Zone in May 2020, settling its debt for $328.6 million, Adjust GmbH in April 2021 for a stated $980.0 million, Twitter's MoPub business for $1.03 billion on January 1, 2022 and Wurl in April 2022. In 2025 it sold the Apps business, its game studios, to Tripledot for $715.6 million in cash and Tripledot shares, receiving about 22% of Tripledot's shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-aba58a93e6bb7f668f5640b2","record":{"id":"display-claim-aba58a93e6bb7f668f5640b2","kind":"analysis","text":"In 2025 three short sellers, Fuzzy Panda Research, Culper Research and Muddy Waters Research, published reports against AppLovin while short its shares. Shareholders then sued AppLovin and its senior officers in the Northern District of California, alleging misleading statements about its advertising solutions and growth; AppLovin says the claims lack merit, and the motion to dismiss had not been decided by mid-October 2026.","source_ids":["src-080","src-065","src-076","src-081","src-079","src-002","src-031"],"entity_ids":["applovin","adam-foroughi","matthew-stumpf","herald-chen","vasily-shikin","ncpttf","monroe-county-ers"],"premise_claim_ids":["c-sh-reports","c-lg-securities"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In 2025 three short sellers, Fuzzy Panda Research, Culper Research and Muddy Waters Research, published reports against AppLovin while short its shares. Shareholders then sued AppLovin and its senior officers in the Northern District of California, alleging misleading statements about its advertising solutions and growth; AppLovin says the claims lack merit, and the motion to dismiss had not been decided by mid-October 2026."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-fec3d1f148118de88bc217d7","record":{"id":"display-claim-fec3d1f148118de88bc217d7","kind":"analysis","text":"In the Netherlands, the foundation The Privacy Collective sued AppLovin and Adjust in May 2026 under the collective-action rules, alleging unlawful processing of the data of at least 8.5 million people through their software development kits. The press reported in October 2025 that the SEC was investigating allegations that AppLovin had violated platform partners' service agreements to target advertising; AppLovin does not comment on the existence of regulatory matters and names no SEC investigation in its reports. Separately, the Justice Department's suit against KKR entities over missed premerger filings, including for the 2021 AppLovin share acquisition, led to a proposed $250 million civil penalty against KKR & Co. GP LLC without admission.","source_ids":["src-085","src-068","src-064","src-065","src-077"],"entity_ids":["tpc","applovin","adjust-gmbh","us-doj","kkr-co-inc","kkr-co-gp-llc","kkr","kkr-americas-fund-xii"],"premise_claim_ids":["c-lg-tpc-allegations","c-sec-probe","c-kkr-hsr-applovin"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In the Netherlands, the foundation The Privacy Collective sued AppLovin and Adjust in May 2026 under the collective-action rules, alleging unlawful processing of the data of at least 8.5 million people through their software development kits. The press reported in October 2025 that the SEC was investigating allegations that AppLovin had violated platform partners' service agreements to target advertising; AppLovin does not comment on the existence of regulatory matters and names no SEC investigation in its reports. Separately, the Justice Department's suit against KKR entities over missed premerger filings, including for the 2021 AppLovin share acquisition, led to a proposed $250 million civil penalty against KKR & Co. GP LLC without admission."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-197ca3bc2ac4be8b27d0f12e","record":{"id":"display-claim-197ca3bc2ac4be8b27d0f12e","kind":"analysis","text":"AppLovin has three classes of common stock: Class A with one vote, Class B with 20 votes and Class C, none of which is outstanding, without votes except where the law requires. The 2026 proxy statement counts 306,086,916 Class A and 30,207,521 Class B shares on March 31, 2026. At the end of 2025 there were about 32 holders of record of Class A and 8 of Class B, and all Class B shares were held by Adam Foroughi and Herald Chen with certain affiliated trusts.","source_ids":["src-001","src-002"],"entity_ids":["applovin","adam-foroughi","herald-chen"],"premise_claim_ids":["c-id-share-classes","c-ctl-capital-2026","c-ctl-class-b-holders"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin has three classes of common stock: Class A with one vote, Class B with 20 votes and Class C, none of which is outstanding, without votes except where the law requires. The 2026 proxy statement counts 306,086,916 Class A and 30,207,521 Class B shares on March 31, 2026. At the end of 2025 there were about 32 holders of record of Class A and 8 of Class B, and all Class B shares were held by Adam Foroughi and Herald Chen with certain affiliated trusts."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-aee9dd54ccfd017e81036bd4","record":{"id":"display-claim-aee9dd54ccfd017e81036bd4","kind":"analysis","text":"At the April 2021 IPO the Class B shares were held by Foroughi, Chen and KKR Denali Holdings L.P., together 93.4% of the votes; their Voting Agreement had all Class B shares voted as two of the three decided, one of whom had to be Foroughi. Today Foroughi and Chen alone are parties: the proxy attributes 66.9% of the votes to the shares under the agreement, enough to decide director elections, charter amendments and major transactions. AppLovin is a \"controlled company\" under Nasdaq rules but says it does not rely on the related exemptions.","source_ids":["src-006","src-001"],"entity_ids":["applovin","adam-foroughi","herald-chen","kkr-denali"],"premise_claim_ids":["c-ctl-ipo-voting","c-ctl-voting-agreement-2026","c-ctl-controlled-company"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At the April 2021 IPO the Class B shares were held by Foroughi, Chen and KKR Denali Holdings L.P., together 93.4% of the votes; their Voting Agreement had all Class B shares voted as two of the three decided, one of whom had to be Foroughi. Today Foroughi and Chen alone are parties: the proxy attributes 66.9% of the votes to the shares under the agreement, enough to decide director elections, charter amendments and major transactions. AppLovin is a \"controlled company\" under Nasdaq rules but says it does not rely on the related exemptions."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-eb16cf81fa497569c1958ff2","record":{"id":"display-claim-eb16cf81fa497569c1958ff2","kind":"analysis","text":"On March 31, 2026 Foroughi owned 2,420,296 Class A and 27,936,907 Class B shares, 92.5% of the class and 61.6% of all votes; Chen owned 446,209 Class A and 697,668 Class B shares, 1.6% of the votes, down from 2,397,668 Class B shares in the 2025 proxy. Form 4 filings show Chen converting 143,791 Class B shares and giving away 100,000 Class A shares in August 2026, and Foroughi holding 2,324,954 Class A shares directly that month. In his Schedule 13G amendment for September 30, 2024 Foroughi reported 3,885,217 Class A and 27,936,907 Class B shares, and a group with Chen and KKR Denali of 12.8% of Class A on an as-converted basis.","source_ids":["src-001","src-041","src-027","src-028","src-039"],"entity_ids":["adam-foroughi","applovin","herald-chen","kkr-denali"],"premise_claim_ids":["c-ctl-foroughi-2026","c-ctl-chen-2026","c-ctl-insider-forms-2026","c-ctl-foroughi-13g-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On March 31, 2026 Foroughi owned 2,420,296 Class A and 27,936,907 Class B shares, 92.5% of the class and 61.6% of all votes; Chen owned 446,209 Class A and 697,668 Class B shares, 1.6% of the votes, down from 2,397,668 Class B shares in the 2025 proxy. Form 4 filings show Chen converting 143,791 Class B shares and giving away 100,000 Class A shares in August 2026, and Foroughi holding 2,324,954 Class A shares directly that month. In his Schedule 13G amendment for September 30, 2024 Foroughi reported 3,885,217 Class A and 27,936,907 Class B shares, and a group with Chen and KKR Denali of 12.8% of Class A on an as-converted basis."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-def13027b7d64b2ac1231528","record":{"id":"display-claim-def13027b7d64b2ac1231528","kind":"analysis","text":"John Krystynak and Andrew Karam co-founded AppLovin with Foroughi. Before the IPO they held 13.0% and 11.8% of the Class A shares and were registered with the SEC as 10% owners, not as directors or officers; by March 2023 their stakes were 7.0% and 6.7%, and Karam reported 4.4% at September 30, 2024.","source_ids":["src-006","src-029","src-095","src-096","src-010","src-052"],"entity_ids":["applovin","john-krystynak","andrew-karam","adam-foroughi"],"premise_claim_ids":["c-ctl-founders"],"qualification":"","response":"","outcome":""},"reading":"Analysis: John Krystynak and Andrew Karam co-founded AppLovin with Foroughi. Before the IPO they held 13.0% and 11.8% of the Class A shares and were registered with the SEC as 10% owners, not as directors or officers; by March 2023 their stakes were 7.0% and 6.7%, and Karam reported 4.4% at September 30, 2024."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-a698bc41dd23bc2e2b3f95c2","record":{"id":"display-claim-a698bc41dd23bc2e2b3f95c2","kind":"analysis","text":"The IPO prospectus also listed Nimble Ventures (6.2%) and director Eduardo Vivas (5.9%) above 5% of Class A. In March 2022 KKR Denali held 44.8% of the votes, Foroughi 29.9% and Chen 4.8%; Hontai App Fund (8.8%), Krystynak (7.8%), Karam (7.1%) and The Vanguard Group (5.2%) held more than 5% of Class A. A year later KKR Denali had 48.7% of the votes and Foroughi 32.4%, with Hontai App Fund (8.7%), Krystynak (7.0%), Karam (6.7%) and Vanguard (5.3%) above 5% of Class A.","source_ids":["src-006","src-056","src-010"],"entity_ids":["applovin","eduardo-vivas","adam-foroughi","herald-chen","kkr-denali","hontai-app-fund","john-krystynak","andrew-karam","vanguard","angel-pride"],"premise_claim_ids":["c-ctl-ipo-other-holders","c-ctl-holders-2022","c-ctl-holders-2023"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The IPO prospectus also listed Nimble Ventures (6.2%) and director Eduardo Vivas (5.9%) above 5% of Class A. In March 2022 KKR Denali held 44.8% of the votes, Foroughi 29.9% and Chen 4.8%; Hontai App Fund (8.8%), Krystynak (7.8%), Karam (7.1%) and The Vanguard Group (5.2%) held more than 5% of Class A. A year later KKR Denali had 48.7% of the votes and Foroughi 32.4%, with Hontai App Fund (8.7%), Krystynak (7.0%), Karam (6.7%) and Vanguard (5.3%) above 5% of Class A."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-ebeb9334ce6d5c705cfdd7aa","record":{"id":"display-claim-ebeb9334ce6d5c705cfdd7aa","kind":"analysis","text":"Angel Pride Holdings, which held 14.0% before the IPO and reported 7.7% at the end of 2023 in its own filing, is absent from the 2022 and 2023 proxy tables and reappears in 2025 and 2026 at 5.6%. In March 2025 Foroughi had 60.9% of the votes and Chen 5.1%; BlackRock and Vanguard each held 5.4% of Class A, while Midterm Success and Hao Tang were not listed. The 2026 proxy lists Vanguard (8.2%), BlackRock (7.0%) and Angel Pride (5.6%); later filings show Vanguard reporting no shares as of March 13, 2026 and Vanguard Capital Management (6.29%) and FMR LLC (5.1%) reporting new positions as of March 31, 2026.","source_ids":["src-056","src-010","src-018","src-041","src-001","src-006","src-016"],"entity_ids":["applovin","angel-pride","adam-foroughi","herald-chen","blackrock","vanguard","midterm-success","hao-tang","vanguard-capital-management","fmr"],"premise_claim_ids":["c-ap-proxy-tables","c-ctl-holders-2025","c-ctl-institutions-2026","c-ctl-institutions-later-2026"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Angel Pride Holdings, which held 14.0% before the IPO and reported 7.7% at the end of 2023 in its own filing, is absent from the 2022 and 2023 proxy tables and reappears in 2025 and 2026 at 5.6%. In March 2025 Foroughi had 60.9% of the votes and Chen 5.1%; BlackRock and Vanguard each held 5.4% of Class A, while Midterm Success and Hao Tang were not listed. The 2026 proxy lists Vanguard (8.2%), BlackRock (7.0%) and Angel Pride (5.6%); later filings show Vanguard reporting no shares as of March 13, 2026 and Vanguard Capital Management (6.29%) and FMR LLC (5.1%) reporting new positions as of March 31, 2026."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-04c35c7819207aaea3c995e2","record":{"id":"display-claim-04c35c7819207aaea3c995e2","kind":"analysis","text":"Among other insiders, Eduardo Vivas held 6,963,289 Class A shares (2.3%) and Vasily Shikin 3,805,555 (1.2%, including options) on March 31, 2026; shares counted for Margaret Georgiadis and Maynard Webb are held by Blue Sage Partners, LLC and Webb Investment Network LLC, with voting power shared with a spouse. In May 2025 Vivas entered into a prepaid variable forward contract, received $131,099,760 and pledged 550,000 Class A shares for settlement in May 2027.","source_ids":["src-001","src-094","src-030"],"entity_ids":["applovin","eduardo-vivas","vasily-shikin","margaret-georgiadis","blue-sage","maynard-webb","webb-investment-network"],"premise_claim_ids":["c-ctl-director-holdings-2026","c-ctl-vivas-forward"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Among other insiders, Eduardo Vivas held 6,963,289 Class A shares (2.3%) and Vasily Shikin 3,805,555 (1.2%, including options) on March 31, 2026; shares counted for Margaret Georgiadis and Maynard Webb are held by Blue Sage Partners, LLC and Webb Investment Network LLC, with voting power shared with a spouse. In May 2025 Vivas entered into a prepaid variable forward contract, received $131,099,760 and pledged 550,000 Class A shares for settlement in May 2027."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-5a1833305ac01bcfb08e44cf","record":{"id":"display-claim-5a1833305ac01bcfb08e44cf","kind":"analysis","text":"In August 2018 AppLovin sold 109,090,908 Series A convertible preferred shares to KKR Denali Holdings L.P. for $399,999,996. Herald Chen signed the Investors' Rights Agreement of August 15, 2018 for KKR Denali as president of its general partner, KKR Denali Holdings GP LLC; GoDaddy's profile of Chen states that he headed KKR's technology, media and telecom investing from 2007 to 2019 and led the firm's investment in AppLovin. Chen was affiliated with KKR at the time of the transaction and is a limited partner in KKR Denali.","source_ids":["src-006","src-052","src-013"],"entity_ids":["applovin","kkr-denali","herald-chen","kkr","kkr-denali-gp","godaddy"],"premise_claim_ids":["c-kkr-series-a-2018","c-kkr-chen-signatory","c-kkr-chen-led-investment"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In August 2018 AppLovin sold 109,090,908 Series A convertible preferred shares to KKR Denali Holdings L.P. for $399,999,996. Herald Chen signed the Investors' Rights Agreement of August 15, 2018 for KKR Denali as president of its general partner, KKR Denali Holdings GP LLC; GoDaddy's profile of Chen states that he headed KKR's technology, media and telecom investing from 2007 to 2019 and led the firm's investment in AppLovin. Chen was affiliated with KKR at the time of the transaction and is a limited partner in KKR Denali."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-abf570b1912675d0b914c852","record":{"id":"display-claim-abf570b1912675d0b914c852","kind":"analysis","text":"Before the IPO KKR Denali owned 110,550,489 Class B shares, 73.6% of that class and 69.3% of the voting power. The prospectus lists the KKR entities that may share beneficial ownership, from KKR Denali Holdings GP LLC and its managing member KKR Americas Fund XII L.P. up to KKR & Co. Inc.","source_ids":["src-006"],"entity_ids":["kkr-denali","applovin","kkr-denali-gp","kkr-americas-fund-xii","kkr-co-inc"],"premise_claim_ids":["c-kkr-ipo-chain"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Before the IPO KKR Denali owned 110,550,489 Class B shares, 73.6% of that class and 69.3% of the voting power. The prospectus lists the KKR entities that may share beneficial ownership, from KKR Denali Holdings GP LLC and its managing member KKR Americas Fund XII L.P. up to KKR & Co. Inc."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-d9c336e62cdf61a8da659682","record":{"id":"display-claim-d9c336e62cdf61a8da659682","kind":"analysis","text":"KKR Denali was represented on the board throughout. Edward Oberwager and Cathy Sun were elected as designees of the Series A holders in November 2019; after the IPO a Director Nominations Agreement let KKR Denali nominate one director and approve one independent nominee, Margaret Georgiadis, until its holdings fell below the thresholds in 2024.","source_ids":["src-006","src-010","src-041"],"entity_ids":["kkr-denali","applovin","edward-oberwager","cathy-sun","margaret-georgiadis"],"premise_claim_ids":["c-kkr-board-rights"],"qualification":"","response":"","outcome":""},"reading":"Analysis: KKR Denali was represented on the board throughout. Edward Oberwager and Cathy Sun were elected as designees of the Series A holders in November 2019; after the IPO a Director Nominations Agreement let KKR Denali nominate one director and approve one independent nominee, Margaret Georgiadis, until its holdings fell below the thresholds in 2024."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-980bc4cd14ccb87300c29f49","record":{"id":"display-claim-980bc4cd14ccb87300c29f49","kind":"analysis","text":"KKR Capital Markets LLC was joint lead arranger and bookrunner of the 2018 Credit Agreement and received fees under it from 2020 to 2024; a KKR Denali affiliate lent part of the revolving loans of 2020 and 2021, and KKR Corporate Lending (CA) LLC provided $15.0 million of revolving commitments. KKR Capital Markets also earned about $5.9 million as an IPO underwriter and $5.0 million as independent financial adviser on the December 2021 secondary offering.","source_ids":["src-002","src-034","src-010","src-056"],"entity_ids":["kkr-capital-markets","applovin","kkr-corporate-lending","kkr-denali"],"premise_claim_ids":["c-kkr-credit-agreement","c-kkr-capital-markets-fees"],"qualification":"","response":"","outcome":""},"reading":"Analysis: KKR Capital Markets LLC was joint lead arranger and bookrunner of the 2018 Credit Agreement and received fees under it from 2020 to 2024; a KKR Denali affiliate lent part of the revolving loans of 2020 and 2021, and KKR Corporate Lending (CA) LLC provided $15.0 million of revolving commitments. KKR Capital Markets also earned about $5.9 million as an IPO underwriter and $5.0 million as independent financial adviser on the December 2021 secondary offering."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-642c27f15a307f0206236ceb","record":{"id":"display-claim-642c27f15a307f0206236ceb","kind":"analysis","text":"AppLovin repurchased 15,952,381 Class A shares from KKR Denali in May 2023 for $335.0 million and 15,000,000 in August 2023 for $552.8 million. In a February 2024 secondary offering KKR Denali sold 19,866,397 shares, of which AppLovin bought 10,466,397 at the offering price, and by the end of 2024 it had sold all its shares and ceased to be a related party. Culper Research put KKR's sale of its remaining stake at $7.3 billion, a figure not checked against the filings.","source_ids":["src-002","src-070","src-081"],"entity_ids":["kkr-denali","applovin","bofa-securities","kkr"],"premise_claim_ids":["c-kkr-exit","c-sh-culper-insider-sales"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin repurchased 15,952,381 Class A shares from KKR Denali in May 2023 for $335.0 million and 15,000,000 in August 2023 for $552.8 million. In a February 2024 secondary offering KKR Denali sold 19,866,397 shares, of which AppLovin bought 10,466,397 at the offering price, and by the end of 2024 it had sold all its shares and ceased to be a related party. Culper Research put KKR's sale of its remaining stake at $7.3 billion, a figure not checked against the filings."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-e69beaf42c66daea63745842","record":{"id":"display-claim-e69beaf42c66daea63745842","kind":"analysis","text":"On January 14, 2025 the Justice Department's Antitrust Division sued KKR & Co. Inc. and related entities in the Southern District of New York, alleging at least sixteen incomplete or missing premerger filings under the Hart-Scott-Rodino Act. According to the complaint, KKR & Co. Inc. controls KKR & Co. GP LLC, the sole general partner of Kohlberg Kravis Roberts & Co. L.P. Count 15 alleges that KKR Americas Fund XII L.P. acquired additional AppLovin voting shares on April 19, 2021 for about $6.9 billion without filing first; count 16 alleges that it indirectly acquired Adjust through AppLovin's purchase without a prior filing. Both were corrected on December 3, 2021.","source_ids":["src-077"],"entity_ids":["kkr-co-inc","kkr-co-gp-llc","kkr","us-doj","kkr-americas-fund-xii","applovin","adjust-gmbh"],"premise_claim_ids":["c-kkr-structure","c-kkr-hsr-applovin","c-kkr-hsr-adjust"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On January 14, 2025 the Justice Department's Antitrust Division sued KKR & Co. Inc. and related entities in the Southern District of New York, alleging at least sixteen incomplete or missing premerger filings under the Hart-Scott-Rodino Act. According to the complaint, KKR & Co. Inc. controls KKR & Co. GP LLC, the sole general partner of Kohlberg Kravis Roberts & Co. L.P. Count 15 alleges that KKR Americas Fund XII L.P. acquired additional AppLovin voting shares on April 19, 2021 for about $6.9 billion without filing first; count 16 alleges that it indirectly acquired Adjust through AppLovin's purchase without a prior filing. Both were corrected on December 3, 2021."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-3437fbf1dd5b518e778b224c","record":{"id":"display-claim-3437fbf1dd5b518e778b224c","kind":"analysis","text":"KKR told the FTC that the two failures were inadvertent and arose from the timing of a complicated restructuring. Under a proposed final judgment filed on August 26, 2026, KKR & Co. GP LLC is to pay a $250 million civil penalty; the defendants consented without any admission or adjudication, and AppLovin is not a defendant.","source_ids":["src-077"],"entity_ids":["us-doj","kkr-co-inc","kkr-co-gp-llc","kkr","kkr-americas-fund-xii","applovin","adjust-gmbh"],"premise_claim_ids":["c-kkr-hsr-applovin","c-kkr-hsr-adjust"],"qualification":"","response":"","outcome":""},"reading":"Analysis: KKR told the FTC that the two failures were inadvertent and arose from the timing of a complicated restructuring. Under a proposed final judgment filed on August 26, 2026, KKR & Co. GP LLC is to pay a $250 million civil penalty; the defendants consented without any admission or adjudication, and AppLovin is not a defendant."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-f9341c80cf6c717c982222e6","record":{"id":"display-claim-f9341c80cf6c717c982222e6","kind":"analysis","text":"In September 2016 AppLovin agreed to sell a majority stake to the Chinese private-equity firm Orient Hontai Capital at an enterprise value of $1.42 billion; Adam Foroughi was then chief executive and the only director. In November 2017 he announced that the acquisition would not go ahead; Orient Hontai instead provided $841 million of debt financing, in addition to a 9.98% stake bought in January 2017 for $140 million. Foroughi said the financing let the founders keep full control, and the press attributed the change to opposition from the U.S. government.","source_ids":["src-101","src-108"],"entity_ids":["applovin","orient-hontai","adam-foroughi"],"premise_claim_ids":["c-hon-2016-agreement","c-hon-2017-financing"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In September 2016 AppLovin agreed to sell a majority stake to the Chinese private-equity firm Orient Hontai Capital at an enterprise value of $1.42 billion; Adam Foroughi was then chief executive and the only director. In November 2017 he announced that the acquisition would not go ahead; Orient Hontai instead provided $841 million of debt financing, in addition to a 9.98% stake bought in January 2017 for $140 million. Foroughi said the financing let the founders keep full control, and the press attributed the change to opposition from the U.S. government."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-b229b4592dd29314535033c1","record":{"id":"display-claim-b229b4592dd29314535033c1","kind":"analysis","text":"Culper Research later wrote that CFIUS had blocked the sale, that AppLovin repaid the notes in July 2018 at a loss of $423 million, and connected this with Foroughi's April 2025 remark that KKR's 2018 investment was made \"to clear out the Chinese investor\". A May 2026 crypto-news article called Hao Tang the architect of the 2016 deal. No filing in the record links Tang to Orient Hontai, and the repayment terms are Culper's account.","source_ids":["src-079","src-114"],"entity_ids":["applovin","orient-hontai","adam-foroughi","kkr-denali","hao-tang","hontai-app-fund","angel-pride","ling-tang"],"premise_claim_ids":["c-hon-culper-history","c-hon-crypto-article-claim"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Culper Research later wrote that CFIUS had blocked the sale, that AppLovin repaid the notes in July 2018 at a loss of $423 million, and connected this with Foroughi's April 2025 remark that KKR's 2018 investment was made \"to clear out the Chinese investor\". A May 2026 crypto-news article called Hao Tang the architect of the 2016 deal. No filing in the record links Tang to Orient Hontai, and the repayment terms are Culper's account."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-c8d31827e8be38d48410b1e7","record":{"id":"display-claim-c8d31827e8be38d48410b1e7","kind":"analysis","text":"AppLovin's Investors' Rights Agreement of August 15, 2018 lists two investors, KKR Denali and Applovin Holdings LLC, with a Beijing address. It defines Applovin Holdings as \"Hontai\" and Orient Hontai Capital Investment (Chengdu) Co., Ltd. and its stockholders as \"Hontai GP\". Yuntao Ma signed for Applovin Holdings as director; the same name appears as authorised signatory of Hontai App Fund Limited Partnership, Hontai Capital Cayman Inc. and Yunjoy Capital Cayman Inc. in 2024.","source_ids":["src-052","src-017"],"entity_ids":["applovin","applovin-holdings-llc","orient-hontai","kkr-denali","yuntao-ma","hontai-app-fund","hontai-capital-cayman","yunjoy"],"premise_claim_ids":["c-hon-ira-2018","c-hon-yuntao-ma"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin's Investors' Rights Agreement of August 15, 2018 lists two investors, KKR Denali and Applovin Holdings LLC, with a Beijing address. It defines Applovin Holdings as \"Hontai\" and Orient Hontai Capital Investment (Chengdu) Co., Ltd. and its stockholders as \"Hontai GP\". Yuntao Ma signed for Applovin Holdings as director; the same name appears as authorised signatory of Hontai App Fund Limited Partnership, Hontai Capital Cayman Inc. and Yunjoy Capital Cayman Inc. in 2024."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-eaf60cfad08a5fa605b5ecab","record":{"id":"display-claim-eaf60cfad08a5fa605b5ecab","kind":"analysis","text":"On January 3, 2019 a warrant issued to Applovin Holdings in connection with earlier debt financing was transferred to Angel Pride Holdings Limited (26,021,583 Class A shares) and Hontai App Fund (8,794,734 shares), which exercised it for $868 and $293.","source_ids":["src-006"],"entity_ids":["applovin","applovin-holdings-llc","angel-pride","hontai-app-fund"],"premise_claim_ids":["c-hon-warrant-2019"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On January 3, 2019 a warrant issued to Applovin Holdings in connection with earlier debt financing was transferred to Angel Pride Holdings Limited (26,021,583 Class A shares) and Hontai App Fund (8,794,734 shares), which exercised it for $868 and $293."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-9e44befed20ddb4dd8047a0b","record":{"id":"display-claim-9e44befed20ddb4dd8047a0b","kind":"analysis","text":"Hontai App Fund held 26,167,242 Class A shares before the IPO, 14.1% of the class. Its general partner is Hontai Capital Cayman Inc., whose controlling stockholder is Yunjoy Capital Cayman Inc. Its 2024 Schedule 13G amendment reports that by December 31, 2023 it had distributed all its AppLovin shares to its limited partners, whom it does not name.","source_ids":["src-006","src-010","src-017"],"entity_ids":["hontai-app-fund","hontai-capital-cayman","yunjoy","applovin"],"premise_claim_ids":["c-hon-fund-structure","c-hon-distribution-2023"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Hontai App Fund held 26,167,242 Class A shares before the IPO, 14.1% of the class. Its general partner is Hontai Capital Cayman Inc., whose controlling stockholder is Yunjoy Capital Cayman Inc. Its 2024 Schedule 13G amendment reports that by December 31, 2023 it had distributed all its AppLovin shares to its limited partners, whom it does not name."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-f7bc57d6dfbe0607a7146a22","record":{"id":"display-claim-f7bc57d6dfbe0607a7146a22","kind":"analysis","text":"Culper Research asserted that the distribution went mainly to Hao Tang's Midterm Success Limited, whose first Schedule 13G, filed eight days later, showed 23,167,242 shares, exactly 3,000,000 fewer than the fund's last reported holding. Culper also asserted, citing Hong Kong records not in the record, that Tang and Yuntao Ma co-directed Kunshan Technology Investment (HK) Limited and that AppLovin issued 2017 notes to Applovin Holdings and a \"Kuntai\" company. These are the short seller's inferences; the fund's filings do not name its limited partners.","source_ids":["src-005","src-010","src-079"],"entity_ids":["hontai-app-fund","midterm-success","hao-tang","applovin","yuntao-ma","orient-hontai","applovin-holdings-llc"],"premise_claim_ids":["c-hon-midterm-link-claim","c-hon-kunshan-claim"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Culper Research asserted that the distribution went mainly to Hao Tang's Midterm Success Limited, whose first Schedule 13G, filed eight days later, showed 23,167,242 shares, exactly 3,000,000 fewer than the fund's last reported holding. Culper also asserted, citing Hong Kong records not in the record, that Tang and Yuntao Ma co-directed Kunshan Technology Investment (HK) Limited and that AppLovin issued 2017 notes to Applovin Holdings and a \"Kuntai\" company. These are the short seller's inferences; the fund's filings do not name its limited partners."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-606e69daa4115ba89e3a87d6","record":{"id":"display-claim-606e69daa4115ba89e3a87d6","kind":"analysis","text":"Angel Pride held 26,021,583 Class A shares before the April 2021 IPO, 14.0% of the class. The prospectus named Tang Ling as its shareholder and sole director, and its amended Form 3 states that she had voting and investment discretion. In February 2024 Angel Pride and Ling Tang reported 20,493,747 shares (7.7%) as of December 31, 2023; AppLovin's 2022 and 2023 proxies do not list Angel Pride among holders above 5%, while its 2025 and 2026 proxies list it at 5.6%.","source_ids":["src-006","src-012","src-029","src-018","src-056","src-010","src-041","src-001"],"entity_ids":["angel-pride","ling-tang","applovin"],"premise_claim_ids":["c-ap-ipo","c-ap-2023","c-ap-proxy-tables"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Angel Pride held 26,021,583 Class A shares before the April 2021 IPO, 14.0% of the class. The prospectus named Tang Ling as its shareholder and sole director, and its amended Form 3 states that she had voting and investment discretion. In February 2024 Angel Pride and Ling Tang reported 20,493,747 shares (7.7%) as of December 31, 2023; AppLovin's 2022 and 2023 proxies do not list Angel Pride among holders above 5%, while its 2025 and 2026 proxies list it at 5.6%."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-4830260da36499293abe7364","record":{"id":"display-claim-4830260da36499293abe7364","kind":"analysis","text":"An amendment signed in October 2024 reports that from September 17, 2024 Angel Pride's sole shareholder was Prominence Trust Limited of Hong Kong, sharing power over 20,493,747 shares (6.9%); Ling Tang reported that she no longer owned any shares. In January 2025 the two reported 17,244,541 shares (5.8%). Angel Pride's address is the Vistra Corporate Services Centre in Road Town, Tortola, and Prominence Trust's is 18/F, Three Exchange Square, Central.","source_ids":["src-023","src-015","src-003","src-001"],"entity_ids":["angel-pride","prominence-trust","ling-tang","applovin"],"premise_claim_ids":["c-ap-2024-transfer","c-ap-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: An amendment signed in October 2024 reports that from September 17, 2024 Angel Pride's sole shareholder was Prominence Trust Limited of Hong Kong, sharing power over 20,493,747 shares (6.9%); Ling Tang reported that she no longer owned any shares. In January 2025 the two reported 17,244,541 shares (5.8%). Angel Pride's address is the Vistra Corporate Services Centre in Road Town, Tortola, and Prominence Trust's is 18/F, Three Exchange Square, Central."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-c2c91d23cdd07dfda04cc86e","record":{"id":"display-claim-c2c91d23cdd07dfda04cc86e","kind":"analysis","text":"Prominence Trust is a licensed Hong Kong trust company registered under the Trustee Ordinance; its licence entry gives an address in Des Voeux Road Central, and an SEC full-text search finds its name only in the Angel Pride filings. The 2024 and 2025 amendments of both companies were signed by one authorised signatory, CHENG Hong Wai; none names the beneficiaries behind the trust company. Angel Pride's LEI record, issued in December 2021, shows registration number 1991856 and reports no parent, citing \"no known person\".","source_ids":["src-109","src-053","src-003","src-054","src-074","src-075"],"entity_ids":["prominence-trust","applovin","angel-pride","cheng-hong-wai"],"premise_claim_ids":["c-ap-prominence","c-ap-signatory","c-ap-gleif"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Prominence Trust is a licensed Hong Kong trust company registered under the Trustee Ordinance; its licence entry gives an address in Des Voeux Road Central, and an SEC full-text search finds its name only in the Angel Pride filings. The 2024 and 2025 amendments of both companies were signed by one authorised signatory, CHENG Hong Wai; none names the beneficiaries behind the trust company. Angel Pride's LEI record, issued in December 2021, shows registration number 1991856 and reports no parent, citing \"no known person\"."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-0588a652f222a68104551c00","record":{"id":"display-claim-0588a652f222a68104551c00","kind":"analysis","text":"In October 2021 AP Investment Capital Company Limited applied in Hong Kong to register \"Angel Pride Holdings Limited\" and \"Angel Pride\" as trade marks, giving the address 18/F, Three Exchange Square. The same floor address appears for Tang Hao and Discovery Key Investments Limited in a 2020 filing and for Prominence Trust in the 2024–2025 filings. Ling Tang's 2024 filing and Hao Tang's 2023 filing give addresses on the same Lai Chi Kok street, and Angel Pride, Asian Creative Capital and Discovery Key use the same registered-agent address in Road Town. Shared registered-agent and office addresses do not in themselves establish a relationship.","source_ids":["src-093","src-089","src-023","src-015","src-005","src-001","src-011"],"entity_ids":["ap-investment-capital","angel-pride","hao-tang","discovery-key","prominence-trust","ling-tang","midterm-success","asian-creative"],"premise_claim_ids":["c-ap-trademarks","c-ap-three-exchange-square","c-ap-wing-hong-street","c-ht-vehicle-addresses"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In October 2021 AP Investment Capital Company Limited applied in Hong Kong to register \"Angel Pride Holdings Limited\" and \"Angel Pride\" as trade marks, giving the address 18/F, Three Exchange Square. The same floor address appears for Tang Hao and Discovery Key Investments Limited in a 2020 filing and for Prominence Trust in the 2024–2025 filings. Ling Tang's 2024 filing and Hao Tang's 2023 filing give addresses on the same Lai Chi Kok street, and Angel Pride, Asian Creative Capital and Discovery Key use the same registered-agent address in Road Town. Shared registered-agent and office addresses do not in themselves establish a relationship."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-97a1f920ed40c0d67424123c","record":{"id":"display-claim-97a1f920ed40c0d67424123c","kind":"analysis","text":"An image of a BVI register filing reproduced by Culper Research records, for company number 1991856, a master confirmation of June 2, 2023 with J.P. Morgan Securities plc, with JPMorgan Chase Bank, N.A. as collateral agent and secured party. Culper asserted that JPMorgan also held charges from January 2022 and August 2024 for a margin loan that Angel Pride's amended memorandum shows guaranteed by \"Mr. Tang Hao\", and that HSBC took a charge over Midterm Success in April 2024; the guarantee document is not legible in the record.","source_ids":["src-079"],"entity_ids":["angel-pride","jpm-securities-plc","jpmorgan-bank","hao-tang","midterm-success","hsbc"],"premise_claim_ids":["c-ap-bvi-confirmation-2023","c-ap-culper-charges"],"qualification":"","response":"","outcome":""},"reading":"Analysis: An image of a BVI register filing reproduced by Culper Research records, for company number 1991856, a master confirmation of June 2, 2023 with J.P. Morgan Securities plc, with JPMorgan Chase Bank, N.A. as collateral agent and secured party. Culper asserted that JPMorgan also held charges from January 2022 and August 2024 for a margin loan that Angel Pride's amended memorandum shows guaranteed by \"Mr. Tang Hao\", and that HSBC took a charge over Midterm Success in April 2024; the guarantee document is not legible in the record."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-bfe66804a365b9c2b5443caa","record":{"id":"display-claim-bfe66804a365b9c2b5443caa","kind":"analysis","text":"In its June 2025 report Culper alleged that Hao Tang controlled up to 28% of Class A before the IPO through Angel Pride and Hontai App Fund, and that AppLovin's disclosures about Angel Pride were irregular, from the shift between \"Mr. Tang Ling\" and \"Ms. Ling Tang\" to its omission from the 2022 and 2023 proxies. The 28% equals the two holders' combined pre-IPO stakes, but the SEC filings attribute Angel Pride's shares to Ling Tang and then Prominence Trust.","source_ids":["src-079"],"entity_ids":["hao-tang","angel-pride","hontai-app-fund","ap-investment-capital","prominence-trust","applovin","ling-tang","midterm-success"],"premise_claim_ids":["c-ap-culper-control","c-ap-culper-disclosure"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In its June 2025 report Culper alleged that Hao Tang controlled up to 28% of Class A before the IPO through Angel Pride and Hontai App Fund, and that AppLovin's disclosures about Angel Pride were irregular, from the shift between \"Mr. Tang Ling\" and \"Ms. Ling Tang\" to its omission from the 2022 and 2023 proxies. The 28% equals the two holders' combined pre-IPO stakes, but the SEC filings attribute Angel Pride's shares to Ling Tang and then Prominence Trust."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-1e5184eadb36aa8de59dd464","record":{"id":"display-claim-1e5184eadb36aa8de59dd464","kind":"analysis","text":"Rich lists published in 2025 and 2026 continued to describe Ling Tang as owner of Angel Pride's stake, about 5% of AppLovin, although her own filing reports no shares from October 2024. Short seller CapitalWatch, as summarised by an online encyclopedia, and a 2026 crypto-news article describe her as Hao Tang's sister; no filing or register in the record states a family relationship.","source_ids":["src-004","src-115","src-104","src-114"],"entity_ids":["ling-tang","angel-pride","applovin","hao-tang"],"premise_claim_ids":["c-ap-rich-lists","c-ap-sister-claim"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Rich lists published in 2025 and 2026 continued to describe Ling Tang as owner of Angel Pride's stake, about 5% of AppLovin, although her own filing reports no shares from October 2024. Short seller CapitalWatch, as summarised by an online encyclopedia, and a 2026 crypto-news article describe her as Hao Tang's sister; no filing or register in the record states a family relationship."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-e2dd434d90873d9513192b46","record":{"id":"display-claim-e2dd434d90873d9513192b46","kind":"analysis","text":"In a Schedule 13G of October 2023 Hao Tang reported 23,167,242 Class A shares (8.4%) as of September 26, 2023, held by Midterm Success Limited, a BVI company wholly owned by Asian Creative Capital Limited, which he wholly owned; Xuanhui Liu signed for Midterm Success. Under an agreement of March 7, 2024 AppLovin bought back 3,000,000 shares from Midterm Success at $60.74 each, about $182 million, a related-party transaction.","source_ids":["src-005","src-041"],"entity_ids":["hao-tang","midterm-success","asian-creative","xuanhui-liu","applovin"],"premise_claim_ids":["c-ht-2023-holding","c-ht-repurchase-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In a Schedule 13G of October 2023 Hao Tang reported 23,167,242 Class A shares (8.4%) as of September 26, 2023, held by Midterm Success Limited, a BVI company wholly owned by Asian Creative Capital Limited, which he wholly owned; Xuanhui Liu signed for Midterm Success. Under an agreement of March 7, 2024 AppLovin bought back 3,000,000 shares from Midterm Success at $60.74 each, about $182 million, a related-party transaction."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-8ecd39cd548e220d2f5aecf3","record":{"id":"display-claim-8ecd39cd548e220d2f5aecf3","kind":"analysis","text":"In January 2025 Tang reported 11,969,535 shares (4.0%) at the end of 2024: 9,969,535 held by Midterm Success and 2,000,000 by Discovery Key Investments Limited, also wholly his; Kevin Shum signed for the three companies. AppLovin's 2025 and 2026 proxies do not list him above 5%. A March 2026 press report put his stake at about 3.2%, citing a 2025 filing.","source_ids":["src-011","src-086"],"entity_ids":["hao-tang","midterm-success","discovery-key","asian-creative","kevin-shum","applovin"],"premise_claim_ids":["c-ht-2025-holding","c-ht-press-stake-2026"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In January 2025 Tang reported 11,969,535 shares (4.0%) at the end of 2024: 9,969,535 held by Midterm Success and 2,000,000 by Discovery Key Investments Limited, also wholly his; Kevin Shum signed for the three companies. AppLovin's 2025 and 2026 proxies do not list him above 5%. A March 2026 press report put his stake at about 3.2%, citing a 2025 filing."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-9004d1fe0ebdc63d8260512f","record":{"id":"display-claim-9004d1fe0ebdc63d8260512f","kind":"analysis","text":"A March 2020 Schedule 13D on The Stars Group names Tang Hao as director of Uptrend Trade Limited and Discovery Key, with a contact address at 18/F Three Exchange Square; Discovery Key had bought Stars Group shares in 2017, and by the filing date Tang held 119,700 shares. He and the two companies stated that in the previous five years they had not been convicted in a criminal proceeding or found to have violated securities laws.","source_ids":["src-089"],"entity_ids":["hao-tang","uptrend-trade","discovery-key","stars-group"],"premise_claim_ids":["c-ht-stars-group","c-ht-stars-statement"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A March 2020 Schedule 13D on The Stars Group names Tang Hao as director of Uptrend Trade Limited and Discovery Key, with a contact address at 18/F Three Exchange Square; Discovery Key had bought Stars Group shares in 2017, and by the filing date Tang held 119,700 shares. He and the two companies stated that in the previous five years they had not been convicted in a criminal proceeding or found to have violated securities laws."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-c2308087c676c2319a1ecbf0","record":{"id":"display-claim-c2308087c676c2319a1ecbf0","kind":"analysis","text":"Goldenway, Inc., a Nevada company based in Hong Kong, reported for 2012 that its former chief executive Hao Tang beneficially owned 71% of its shares through Goldenway Investments Holdings, Fenton Capital and The Fenton Trust, of which he was sole beneficiary; its subsidiaries included Goldenway Precious Metals of Hong Kong and Goldenway Global Investments (UK), and Tang held 29% of a Chinese IT supplier, Shenzhen Gateway Technology. A 2020 Hong Kong announcement shows the same trust structure, with Montclair Trustees as trustee, selling Goldenway Investments (HK).","source_ids":["src-092","src-109","src-084"],"entity_ids":["goldenway-inc","hao-tang","goldenway-investments-holdings","fenton-capital","goldenway-pm","goldenway-uk","shenzhen-gateway","montclair-trustees","goldenway-investments-hk"],"premise_claim_ids":["c-ht-goldenway-2012","c-ht-goldenway-group","c-ht-fenton-2020"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Goldenway, Inc., a Nevada company based in Hong Kong, reported for 2012 that its former chief executive Hao Tang beneficially owned 71% of its shares through Goldenway Investments Holdings, Fenton Capital and The Fenton Trust, of which he was sole beneficiary; its subsidiaries included Goldenway Precious Metals of Hong Kong and Goldenway Global Investments (UK), and Tang held 29% of a Chinese IT supplier, Shenzhen Gateway Technology. A 2020 Hong Kong announcement shows the same trust structure, with Montclair Trustees as trustee, selling Goldenway Investments (HK)."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-c9efae38412c057b5a2f9191","record":{"id":"display-claim-c9efae38412c057b5a2f9191","kind":"analysis","text":"In 2017 the UK Financial Conduct Authority partly refused Goldenway Global Investments (UK)'s application to approve an individual for compliance and money-laundering reporting roles, recording that the firm was controlled by Goldenway Precious Metals. In a judgment after a September 2023 hearing, a London employment tribunal found that the firm unfairly dismissed its compliance director because of protected disclosures he made to the FCA.","source_ids":["src-090","src-083"],"entity_ids":["goldenway-uk","goldenway-pm"],"premise_claim_ids":["c-ht-fca-2017","c-ht-tribunal-2023"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In 2017 the UK Financial Conduct Authority partly refused Goldenway Global Investments (UK)'s application to approve an individual for compliance and money-laundering reporting roles, recording that the firm was controlled by Goldenway Precious Metals. In a judgment after a September 2023 hearing, a London employment tribunal found that the firm unfairly dismissed its compliance director because of protected disclosures he made to the FCA."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-82be3588ae2cd7fa43eb52fe","record":{"id":"display-claim-82be3588ae2cd7fa43eb52fe","kind":"analysis","text":"Press investigations published in 2025 reported that China obtained an Interpol red notice against Tang Hao in 2022, officially for \"opening casinos\" and illegal commercial practices. The Court of Appeal of Aix-en-Provence placed him under judicial supervision in September 2024 and on January 29, 2025 refused his extradition, finding that a fair trial was not guaranteed and the documents from Beijing defective; Tang said the accusations were fabricated because he had refused to hand over part of his profits to a security official.","source_ids":["src-067","src-066"],"entity_ids":["hao-tang","applovin"],"premise_claim_ids":["c-ht-extradition"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Press investigations published in 2025 reported that China obtained an Interpol red notice against Tang Hao in 2022, officially for \"opening casinos\" and illegal commercial practices. The Court of Appeal of Aix-en-Provence placed him under judicial supervision in September 2024 and on January 29, 2025 refused his extradition, finding that a fair trial was not guaranteed and the documents from Beijing defective; Tang said the accusations were fabricated because he had refused to hand over part of his profits to a security official."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-a8c1180d01e6e34d2d401ed3","record":{"id":"display-claim-a8c1180d01e6e34d2d401ed3","kind":"analysis","text":"Culper Research described the Goldenway companies as one of Tang's main vehicles, asserted that he controls Southwind Media, which lists AppLovin among its investments, and tied him to a Philippine casino operator. The FCA notice and tribunal judgment in the record do not support its description of them, and its other assertions are undocumented. UK register entries under the name TANG, Hao are not attributed to him here.","source_ids":["src-079"],"entity_ids":["hao-tang","goldenway-uk","goldenway-inc","applovin"],"premise_claim_ids":["c-ht-culper-goldenway","c-ht-culper-gambling"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Culper Research described the Goldenway companies as one of Tang's main vehicles, asserted that he controls Southwind Media, which lists AppLovin among its investments, and tied him to a Philippine casino operator. The FCA notice and tribunal judgment in the record do not support its description of them, and its other assertions are undocumented. UK register entries under the name TANG, Hao are not attributed to him here."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-e8699ef552526407e9f0a3d1","record":{"id":"display-claim-e8699ef552526407e9f0a3d1","kind":"analysis","text":"In January 2026 short seller CapitalWatch linked Tang to criminal syndicates and money laundering through AppLovin. AppLovin, through its lawyer Alex Spiro, demanded a retraction, and on February 8, 2026 CapitalWatch apologised, saying its descriptions of direct connections were inaccurate and that it had wrongly associated a Bordeaux court ruling with him. Secondary accounts also linked him to the Tuandai lending fraud and a 2021 arrest in Bordeaux; a 2025 press investigation and Culper's own report attribute those to a different businessman. A March 2026 press report, citing unnamed sources, said JPMorgan Chase had ended a private-banking relationship with him; the bank declined to confirm any relationship.","source_ids":["src-082","src-066","src-079","src-086"],"entity_ids":["hao-tang","applovin","jpmorgan-chase"],"premise_claim_ids":["c-ht-capitalwatch","c-ht-tuandai-refuted","c-ht-jpmorgan"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In January 2026 short seller CapitalWatch linked Tang to criminal syndicates and money laundering through AppLovin. AppLovin, through its lawyer Alex Spiro, demanded a retraction, and on February 8, 2026 CapitalWatch apologised, saying its descriptions of direct connections were inaccurate and that it had wrongly associated a Bordeaux court ruling with him. Secondary accounts also linked him to the Tuandai lending fraud and a 2021 arrest in Bordeaux; a 2025 press investigation and Culper's own report attribute those to a different businessman. A March 2026 press report, citing unnamed sources, said JPMorgan Chase had ended a private-banking relationship with him; the bank declined to confirm any relationship."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-772ba730ca74116a491f3cf5","record":{"id":"display-claim-772ba730ca74116a491f3cf5","kind":"analysis","text":"At the June 3, 2026 annual meeting stockholders elected nine directors: Foroughi, Billings, Chen, Georgiadis, Messing, Morgenfeld, Valenzuela, Vivas and Webb. Valenzuela joined for the first time and Alyssa Harvey Dawson, who did not stand again, left. Stockholders approved officer exculpation under Delaware law and rejected a proposal to disclose voting results by share class. On April 2, 2026 the board had made Billings independent chair in place of Foroughi.","source_ids":["src-097","src-001","src-009"],"entity_ids":["applovin","adam-foroughi","craig-billings","herald-chen","margaret-georgiadis","barbara-messing","todd-morgenfeld","victoria-valenzuela","eduardo-vivas","maynard-webb","alyssa-harvey-dawson","vasily-shikin","giovanni-ge","corina-cacovean"],"premise_claim_ids":["c-bd-board-2026","c-bd-meeting-2026-votes","c-bd-transitions-2026"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At the June 3, 2026 annual meeting stockholders elected nine directors: Foroughi, Billings, Chen, Georgiadis, Messing, Morgenfeld, Valenzuela, Vivas and Webb. Valenzuela joined for the first time and Alyssa Harvey Dawson, who did not stand again, left. Stockholders approved officer exculpation under Delaware law and rejected a proposal to disclose voting results by share class. On April 2, 2026 the board had made Billings independent chair in place of Foroughi."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-59f7f1f89d8e0eb6d42f8eef","record":{"id":"display-claim-59f7f1f89d8e0eb6d42f8eef","kind":"analysis","text":"At the 2021 IPO the non-employee directors were Billings, Georgiadis, Edward Oberwager, Cathy Sun and Vivas, with Foroughi and Chen as executive directors. By 2022 Harvey Dawson and Asha Sharma had joined; in 2024 stockholders elected Messing and Morgenfeld, while Oberwager remained until 2025.","source_ids":["src-006","src-029","src-056","src-058"],"entity_ids":["applovin","adam-foroughi","herald-chen","katie-jansen","vasily-shikin","victoria-valenzuela","craig-billings","margaret-georgiadis","edward-oberwager","cathy-sun","eduardo-vivas","elena-arutunian","alyssa-harvey-dawson","asha-sharma","barbara-messing","todd-morgenfeld"],"premise_claim_ids":["c-bd-board-ipo","c-bd-board-2022-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At the 2021 IPO the non-employee directors were Billings, Georgiadis, Edward Oberwager, Cathy Sun and Vivas, with Foroughi and Chen as executive directors. By 2022 Harvey Dawson and Asha Sharma had joined; in 2024 stockholders elected Messing and Morgenfeld, while Oberwager remained until 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-98b4cbb6a066c80b9ca23dd1","record":{"id":"display-claim-98b4cbb6a066c80b9ca23dd1","kind":"analysis","text":"The 2026 proxy names four executive officers: Adam Foroughi (chief executive and co-founder), Matthew Stumpf (chief financial officer), Vasily Shikin (chief technology officer) and Victoria Valenzuela (chief administrative and legal officer). Foroughi has led AppLovin since December 2011 and chaired its board from March 2021 to April 2026; he earlier co-founded Lifestreet Media and Social Hour.","source_ids":["src-001","src-028"],"entity_ids":["applovin","adam-foroughi","matthew-stumpf","vasily-shikin","victoria-valenzuela","lifestreet","social-hour"],"premise_claim_ids":["c-bd-officers-2026","c-bd-foroughi"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The 2026 proxy names four executive officers: Adam Foroughi (chief executive and co-founder), Matthew Stumpf (chief financial officer), Vasily Shikin (chief technology officer) and Victoria Valenzuela (chief administrative and legal officer). Foroughi has led AppLovin since December 2011 and chaired its board from March 2021 to April 2026; he earlier co-founded Lifestreet Media and Social Hour."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-d61da0855802a683c38d1fdf","record":{"id":"display-claim-d61da0855802a683c38d1fdf","kind":"analysis","text":"Shikin joined in 2012 as vice president of engineering and was chief technology officer from 2020 until July 1, 2026, when he became a non-executive Distinguished Engineer, succeeded by Giovanni Ge. Valenzuela came from Machine Zone, where she had been chief legal officer, and retired on August 1, 2026, succeeded by Corina Cacovean. Stumpf, a former transaction services director at PricewaterhouseCoopers, became chief financial officer in January 2024 when Chen stepped down from the role to advise the chief executive; controller Dmitriy Dorosh became principal accounting officer.","source_ids":["src-001","src-047","src-046","src-029","src-049","src-050","src-048","src-002","src-008"],"entity_ids":["vasily-shikin","applovin","deviceanywhere","victoria-valenzuela","machine-zone","cypress","giovanni-ge","corina-cacovean","matthew-stumpf","pwc","herald-chen","dmitriy-dorosh"],"premise_claim_ids":["c-bd-shikin","c-bd-valenzuela","c-bd-ge-cacovean","c-bd-stumpf","c-bd-chen-transition","c-bd-dorosh"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Shikin joined in 2012 as vice president of engineering and was chief technology officer from 2020 until July 1, 2026, when he became a non-executive Distinguished Engineer, succeeded by Giovanni Ge. Valenzuela came from Machine Zone, where she had been chief legal officer, and retired on August 1, 2026, succeeded by Corina Cacovean. Stumpf, a former transaction services director at PricewaterhouseCoopers, became chief financial officer in January 2024 when Chen stepped down from the role to advise the chief executive; controller Dmitriy Dorosh became principal accounting officer."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-6b9194c0f901a8fce60b2601","record":{"id":"display-claim-6b9194c0f901a8fce60b2601","kind":"analysis","text":"Chief marketing officer Katie Jansen resigned in 2025 and chief accounting officer Elena Arutunian in 2022, in both cases without any disagreement according to AppLovin. The 2023 proxy reports late Form 4 filings in 2022 by Foroughi, Andrew Karam and Vivas.","source_ids":["src-020","src-006","src-035","src-010"],"entity_ids":["katie-jansen","applovin","elena-arutunian","adam-foroughi","andrew-karam","eduardo-vivas"],"premise_claim_ids":["c-bd-jansen","c-bd-arutunian","c-bd-late-form4"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Chief marketing officer Katie Jansen resigned in 2025 and chief accounting officer Elena Arutunian in 2022, in both cases without any disagreement according to AppLovin. The 2023 proxy reports late Form 4 filings in 2022 by Foroughi, Andrew Karam and Vivas."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-ffcf1d7cef63c8741c8f68db","record":{"id":"display-claim-ffcf1d7cef63c8741c8f68db","kind":"analysis","text":"Herald Chen, a director since 2018, headed technology, media and telecom at KKR until 2019 and sits on the boards of GoDaddy and Internet Brands; he previously chaired BMC Software, Optiv and Epicor. Craig Billings is chief executive of Wynn Resorts and a director of Wynn Macau, and earlier chaired NYX Gaming and was chief digital officer of Aristocrat Leisure.","source_ids":["src-001","src-027","src-013","src-033","src-014"],"entity_ids":["herald-chen","applovin","kkr","godaddy","internet-brands","eastman-kodak","wj-communications","bmc","optiv","epicor","craig-billings","wynn-resorts","wynn-macau","nyx","aristocrat"],"premise_claim_ids":["c-bd-chen","c-bd-chen-other-boards","c-bd-billings","c-bd-billings-wynn-page"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Herald Chen, a director since 2018, headed technology, media and telecom at KKR until 2019 and sits on the boards of GoDaddy and Internet Brands; he previously chaired BMC Software, Optiv and Epicor. Craig Billings is chief executive of Wynn Resorts and a director of Wynn Macau, and earlier chaired NYX Gaming and was chief digital officer of Aristocrat Leisure."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-89cb49177f8c25d384f90f0f","record":{"id":"display-claim-89cb49177f8c25d384f90f0f","kind":"analysis","text":"Margaret Georgiadis, a director since 2021, is a CEO-Partner of Flagship Pioneering and sits on McDonald's board; she ran Ancestry.com and Mattel and was president of Google Americas. Barbara Messing is an operating partner of Stripes and was Roblox's chief marketing officer. Todd Morgenfeld, a director since 2023, was Pinterest's chief financial officer and sits on the boards of Urban Outfitters and Axon.","source_ids":["src-001","src-042","src-044","src-019","src-043"],"entity_ids":["margaret-georgiadis","applovin","flagship","general-catalyst","ancestry","mattel","google","mcdonalds","amyris","jones-group","discover","barbara-messing","stripes","roblox","vacasa","overstock","xo-group","todd-morgenfeld","pinterest","twitter","hp","silver-lake","urban-outfitters","axon"],"premise_claim_ids":["c-bd-georgiadis","c-bd-messing","c-bd-morgenfeld"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Margaret Georgiadis, a director since 2021, is a CEO-Partner of Flagship Pioneering and sits on McDonald's board; she ran Ancestry.com and Mattel and was president of Google Americas. Barbara Messing is an operating partner of Stripes and was Roblox's chief marketing officer. Todd Morgenfeld, a director since 2023, was Pinterest's chief financial officer and sits on the boards of Urban Outfitters and Axon."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-d3ee65429ac52013eee5b140","record":{"id":"display-claim-d3ee65429ac52013eee5b140","kind":"analysis","text":"Eduardo Vivas, a director since 2018, co-founded Curated and Bright.com and was chief operating officer of Humans, Inc. until 2025. Maynard Webb, appointed in April 2025, founded Webb Investment Network, was chief operating officer of eBay and chaired Yahoo!, and sits on the boards of Salesforce and Visa.","source_ids":["src-001","src-030","src-057","src-022"],"entity_ids":["eduardo-vivas","applovin","humans-inc","curated","bright","maynard-webb","webb-investment-network","liveops","ebay","yahoo","salesforce","visa"],"premise_claim_ids":["c-bd-vivas","c-bd-webb"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Eduardo Vivas, a director since 2018, co-founded Curated and Bright.com and was chief operating officer of Humans, Inc. until 2025. Maynard Webb, appointed in April 2025, founded Webb Investment Network, was chief operating officer of eBay and chaired Yahoo!, and sits on the boards of Salesforce and Visa."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-286dde420eefd752042b4a2e","record":{"id":"display-claim-286dde420eefd752042b4a2e","kind":"analysis","text":"Edward Oberwager, a KKR managing director, was KKR Denali's designee from November 2019 until the 2025 meeting; Cathy Sun, also of KKR, left the board in November 2021 to work at AppLovin. Asha Sharma, Instacart's chief operating officer, served from 2021 to 2023, and Alyssa Harvey Dawson, chief legal officer of HubSpot, from 2021 to 2026.","source_ids":["src-006","src-022","src-010","src-021","src-019","src-045","src-009"],"entity_ids":["edward-oberwager","applovin","kkr","kkr-denali","cathy-sun","internet-brands","asha-sharma","maplebear","porch","help-scout","coupang","home-depot","alyssa-harvey-dawson","gusto","hubspot","sidewalk-labs","harman"],"premise_claim_ids":["c-bd-oberwager","c-bd-sun","c-bd-sharma","c-bd-harvey-dawson"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Edward Oberwager, a KKR managing director, was KKR Denali's designee from November 2019 until the 2025 meeting; Cathy Sun, also of KKR, left the board in November 2021 to work at AppLovin. Asha Sharma, Instacart's chief operating officer, served from 2021 to 2023, and Alyssa Harvey Dawson, chief legal officer of HubSpot, from 2021 to 2026."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-878be7cd2f8b7cef33b0f46f","record":{"id":"display-claim-878be7cd2f8b7cef33b0f46f","kind":"analysis","text":"In 2020 Pinterest's former chief operating officer sued Pinterest alleging discrimination and retaliation after she complained about comments by Morgenfeld, then its chief financial officer; he was not a defendant, and Pinterest settled for $22.5 million without admitting liability. FanDuel's founders sued its directors, including Oberwager, over the 2018 merger; in 2024 New York's highest court held that their fiduciary-duty claim was adequately pleaded, which is not a finding of liability.","source_ids":["src-073","src-062"],"entity_ids":["todd-morgenfeld","pinterest","edward-oberwager","fanduel","kkr"],"premise_claim_ids":["c-bd-morgenfeld-pinterest-suit","c-bd-oberwager-fanduel"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In 2020 Pinterest's former chief operating officer sued Pinterest alleging discrimination and retaliation after she complained about comments by Morgenfeld, then its chief financial officer; he was not a defendant, and Pinterest settled for $22.5 million without admitting liability. FanDuel's founders sued its directors, including Oberwager, over the 2018 merger; in 2024 New York's highest court held that their fiduciary-duty claim was adequately pleaded, which is not a finding of liability."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-05b83fd85ec759ce06267f2b","record":{"id":"display-claim-05b83fd85ec759ce06267f2b","kind":"analysis","text":"Outside AppLovin's filings, a 2014 press profile called Vivas a co-founder of Social Hour, which it said PlayPhone bought in 2012, and said Webb Investment Network backed AppLovin's seed round; an online encyclopedia says Karam co-founded Social Hour. Short sellers wrote that Foroughi worked at Gator Corporation, which they described as notorious for spyware, and that Facebook banned Social Hour for \"scammy ads\"; the filings confirm only Foroughi's co-founding of Lifestreet and Social Hour. Karam now advises South Park Commons; Krystynak's directory profile lists no other role.","source_ids":["src-060","src-105","src-081","src-076","src-113","src-116"],"entity_ids":["eduardo-vivas","social-hour","adam-foroughi","andrew-karam","john-krystynak","rafael-vivas","lifestreet","webb-investment-network","maynard-webb","applovin","south-park-commons"],"premise_claim_ids":["c-bd-social-hour-network","c-bd-webb-seed","c-sh-foroughi-background","c-bd-founders-later"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Outside AppLovin's filings, a 2014 press profile called Vivas a co-founder of Social Hour, which it said PlayPhone bought in 2012, and said Webb Investment Network backed AppLovin's seed round; an online encyclopedia says Karam co-founded Social Hour. Short sellers wrote that Foroughi worked at Gator Corporation, which they described as notorious for spyware, and that Facebook banned Social Hour for \"scammy ads\"; the filings confirm only Foroughi's co-founding of Lifestreet and Social Hour. Karam now advises South Park Commons; Krystynak's directory profile lists no other role."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-ca3c6e658527a90a9b886fed","record":{"id":"display-claim-ca3c6e658527a90a9b886fed","kind":"analysis","text":"AppLovin's 2026 proxy states that since January 1, 2025 its only transactions above $120,000 with related persons are the Investor Rights Agreement with Adam Foroughi, which lets him and an affiliate require the registration of their shares, the Equity Exchange Right Agreement with Herald Chen, and the employment of Rafael Vivas. Under Chen's agreement, Class A shares he receives from pre-IPO options can be exchanged for Class B shares; options over 330,201 shares remained in March 2026.","source_ids":["src-001"],"entity_ids":["applovin","adam-foroughi","herald-chen","rafael-vivas"],"premise_claim_ids":["c-rp-policy-2026","c-rp-investor-rights","c-rp-chen-exchange"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin's 2026 proxy states that since January 1, 2025 its only transactions above $120,000 with related persons are the Investor Rights Agreement with Adam Foroughi, which lets him and an affiliate require the registration of their shares, the Equity Exchange Right Agreement with Herald Chen, and the employment of Rafael Vivas. Under Chen's agreement, Class A shares he receives from pre-IPO options can be exchanged for Class B shares; options over 330,201 shares remained in March 2026."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-b326d503d6bf68cc23c91f89","record":{"id":"display-claim-b326d503d6bf68cc23c91f89","kind":"analysis","text":"Rafael Vivas, brother of director Eduardo Vivas, is an employee who received a $400,000 salary in 2025; according to the trade press he headed the Lion Studios publishing division at its 2018 launch. AppLovin lent him $2.3 million in 2019 to exercise options early, and the note was repaid in March 2024. Cookie Monster Capital, a game developer owned by Eduardo Vivas, received $0.7 million in 2021 and $0.2 million in 2022 under a game publishing agreement.","source_ids":["src-001","src-002","src-010","src-100","src-099","src-034"],"entity_ids":["rafael-vivas","eduardo-vivas","applovin","lion-studios","cookie-monster"],"premise_claim_ids":["c-rp-rafael-vivas","c-rp-lion-studios","c-rp-cookie-monster"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Rafael Vivas, brother of director Eduardo Vivas, is an employee who received a $400,000 salary in 2025; according to the trade press he headed the Lion Studios publishing division at its 2018 launch. AppLovin lent him $2.3 million in 2019 to exercise options early, and the note was repaid in March 2024. Cookie Monster Capital, a game developer owned by Eduardo Vivas, received $0.7 million in 2021 and $0.2 million in 2022 under a game publishing agreement."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-5fef782c8ec8bb80048e558d","record":{"id":"display-claim-5fef782c8ec8bb80048e558d","kind":"analysis","text":"In February 2024 AppLovin agreed to invest $50 million in Humans, Inc., developer of the Flip Shop app, for about 4.1%; Flip Shop then merged with Curated, Inc., founded and run by Eduardo Vivas, who became its chief operating officer, a director and a holder of more than 5%. AppLovin treated Humans as a related party until Vivas left in September 2025; no revenue-share transactions took place, and AppLovin wrote off the whole investment in 2025.","source_ids":["src-041","src-002"],"entity_ids":["applovin","humans-inc","curated","eduardo-vivas"],"premise_claim_ids":["c-rp-humans","c-rp-humans-outcome"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In February 2024 AppLovin agreed to invest $50 million in Humans, Inc., developer of the Flip Shop app, for about 4.1%; Flip Shop then merged with Curated, Inc., founded and run by Eduardo Vivas, who became its chief operating officer, a director and a holder of more than 5%. AppLovin treated Humans as a related party until Vivas left in September 2025; no revenue-share transactions took place, and AppLovin wrote off the whole investment in 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-2bf44560b0331227f5a201ae","record":{"id":"display-claim-2bf44560b0331227f5a201ae","kind":"analysis","text":"Before the IPO AppLovin lent Herald Chen $12,120,000, Katie Jansen three notes totalling about $2.6 million, Vasily Shikin two notes and Victoria Valenzuela $4,863,343 to exercise options early; all were repaid in February 2021. In December 2019 it bought back shares from Foroughi and Eduardo Vivas for promissory notes of $10.0 million and $1.2 million, repaid in 2021, and in February 2021 it bought shares from Chen for $12.3 million and from Valenzuela for $4.9 million.","source_ids":["src-006","src-034","src-010","src-056"],"entity_ids":["applovin","herald-chen","katie-jansen","vasily-shikin","victoria-valenzuela","adam-foroughi","eduardo-vivas"],"premise_claim_ids":["c-rp-officer-loans","c-rp-repurchases-2019","c-rp-repurchases-2021"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Before the IPO AppLovin lent Herald Chen $12,120,000, Katie Jansen three notes totalling about $2.6 million, Vasily Shikin two notes and Victoria Valenzuela $4,863,343 to exercise options early; all were repaid in February 2021. In December 2019 it bought back shares from Foroughi and Eduardo Vivas for promissory notes of $10.0 million and $1.2 million, repaid in 2021, and in February 2021 it bought shares from Chen for $12.3 million and from Valenzuela for $4.9 million."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-5e6261455da7b9a8b6a1b429","record":{"id":"display-claim-5e6261455da7b9a8b6a1b429","kind":"analysis","text":"In March 2024 AppLovin bought 3,000,000 shares from Midterm Success Limited, then a holder of more than 5%, for about $182 million, which its 2025 proxy reports as a related-party transaction. In the IPO's directed share programme director Margaret Georgiadis bought 3,600 shares and the spouse of director Craig Billings 202 shares.","source_ids":["src-041","src-056"],"entity_ids":["applovin","midterm-success","margaret-georgiadis","craig-billings"],"premise_claim_ids":["c-ht-repurchase-2024","c-rp-directed-shares"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In March 2024 AppLovin bought 3,000,000 shares from Midterm Success Limited, then a holder of more than 5%, for about $182 million, which its 2025 proxy reports as a related-party transaction. In the IPO's directed share programme director Margaret Georgiadis bought 3,600 shares and the spouse of director Craig Billings 202 shares."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-4bfbd2ae5de66fd643a7276e","record":{"id":"display-claim-4bfbd2ae5de66fd643a7276e","kind":"analysis","text":"Since selling its Apps business to Tripledot in June 2025, AppLovin accounts for its stake by the equity method and treats Tripledot and its subsidiaries as related parties; it recognised $19.0 million of revenue from them by the end of 2025.","source_ids":["src-002"],"entity_ids":["applovin","tripledot"],"premise_claim_ids":["c-deal-tripledot-related"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Since selling its Apps business to Tripledot in June 2025, AppLovin accounts for its stake by the equity method and treats Tripledot and its subsidiaries as related parties; it recognised $19.0 million of revenue from them by the end of 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-0101f4408eb013952eb270d6","record":{"id":"display-claim-0101f4408eb013952eb270d6","kind":"analysis","text":"AppLovin's prospectus states that from 2018 it invested more than $1 billion in 15 acquisitions and partnerships. It bought PeopleFun, Inc. on March 31, 2018 for $19.8 million in cash plus an earn-out, and MAX Advertising Systems, Inc. on September 4, 2018 for $31.9 million and shares; MAX became its in-app bidding platform. In 2019 it added SafeDK in July and the studio Clipwire Games in November.","source_ids":["src-006","src-102"],"entity_ids":["applovin","peoplefun","max-advertising","safedk","machine-zone","adjust-gmbh","clipwire"],"premise_claim_ids":["c-deal-ipo-summary","c-deal-peoplefun","c-deal-max","c-deal-2019-companies"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin's prospectus states that from 2018 it invested more than $1 billion in 15 acquisitions and partnerships. It bought PeopleFun, Inc. on March 31, 2018 for $19.8 million in cash plus an earn-out, and MAX Advertising Systems, Inc. on September 4, 2018 for $31.9 million and shares; MAX became its in-app bidding platform. In 2019 it added SafeDK in July and the studio Clipwire Games in November."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-13d8a189f40a5daac199659a","record":{"id":"display-claim-13d8a189f40a5daac199659a","kind":"analysis","text":"It also bought finished games: in January 2019 from Recoded, an independent foreign developer, for $150.0 million upfront and $90.0 million deferred, and in August 2019 four games from a Cyprus company for $131.6 million upfront plus earn-outs. Its 2021 subsidiary list includes a Cyprus company, Samfinaco Limited, though the seller is not named.","source_ids":["src-006","src-034","src-102","src-036"],"entity_ids":["applovin","recoded","samfinaco"],"premise_claim_ids":["c-deal-recoded","c-deal-samfinaco"],"qualification":"","response":"","outcome":""},"reading":"Analysis: It also bought finished games: in January 2019 from Recoded, an independent foreign developer, for $150.0 million upfront and $90.0 million deferred, and in August 2019 four games from a Cyprus company for $131.6 million upfront plus earn-outs. Its 2021 subsidiary list includes a Cyprus company, Samfinaco Limited, though the seller is not named."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-2ee20e804f112759da90185f","record":{"id":"display-claim-2ee20e804f112759da90185f","kind":"analysis","text":"In 2020 AppLovin bought Geewa a.s. of the Czech Republic for $25.6 million on January 31, 95.5% of Redemption Games on April 6, and Machine Zone on May 19 by a merger with a subsidiary of its subsidiary Morocco, Inc., settling Machine Zone's debt for $328.6 million. The prospectus lists twelve owned and partner studios, among them Lion Studios, ZenLife and the partner studio Magic Tavern.","source_ids":["src-006","src-034","src-099"],"entity_ids":["applovin","geewa","redemption-games","machine-zone","morocco","lion-studios","peoplefun","clipwire","zenlife-sg","zenlife-cy","magic-tavern","charlie-gu"],"premise_claim_ids":["c-deal-geewa-2020","c-deal-redemption","c-deal-machine-zone","c-deal-studios-2021"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In 2020 AppLovin bought Geewa a.s. of the Czech Republic for $25.6 million on January 31, 95.5% of Redemption Games on April 6, and Machine Zone on May 19 by a merger with a subsidiary of its subsidiary Morocco, Inc., settling Machine Zone's debt for $328.6 million. The prospectus lists twelve owned and partner studios, among them Lion Studios, ZenLife and the partner studio Magic Tavern."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-7c7b37d451101300a11950d2","record":{"id":"display-claim-7c7b37d451101300a11950d2","kind":"analysis","text":"On April 20, 2021 AppLovin's subsidiary AppLovin Active Holdings, LLC bought adjust GmbH, the Berlin measurement company, for a stated $980.0 million in convertible securities, cash and a holdback; Spree Eternity GmbH was also a party to the agreement. In 2021 it bought further games for $300.0 million upfront. On January 1, 2022 it bought Twitter's MoPub business for $1.03 billion and on April 1, 2022 Wurl, Inc. for $378.2 million; its 2025 report states there were no business combinations in 2024 or 2025.","source_ids":["src-034","src-002"],"entity_ids":["applovin","adjust-gmbh","applovin-active-holdings","spree-eternity","twitter","wurl-inc","machine-zone"],"premise_claim_ids":["c-deal-adjust","c-deal-2021-assets","c-deal-mopub","c-deal-wurl","c-deal-list-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On April 20, 2021 AppLovin's subsidiary AppLovin Active Holdings, LLC bought adjust GmbH, the Berlin measurement company, for a stated $980.0 million in convertible securities, cash and a holdback; Spree Eternity GmbH was also a party to the agreement. In 2021 it bought further games for $300.0 million upfront. On January 1, 2022 it bought Twitter's MoPub business for $1.03 billion and on April 1, 2022 Wurl, Inc. for $378.2 million; its 2025 report states there were no business combinations in 2024 or 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-494fc095adfab07ed2c85a8a","record":{"id":"display-claim-494fc095adfab07ed2c85a8a","kind":"analysis","text":"In August 2022 AppLovin proposed a combination with Unity Software and withdrew it. In April 2025 it confirmed an indication of interest to the President of the United States in TikTok's business outside China, without a transaction.","source_ids":["src-034","src-002"],"entity_ids":["applovin","unity"],"premise_claim_ids":["c-deal-unity-2022","c-deal-tiktok"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In August 2022 AppLovin proposed a combination with Unity Software and withdrew it. In April 2025 it confirmed an indication of interest to the President of the United States in TikTok's business outside China, without a transaction."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-ca111e67fcd2af90150a7341","record":{"id":"display-claim-ca111e67fcd2af90150a7341","kind":"analysis","text":"On February 12, 2025 AppLovin announced a term sheet to sell its mobile gaming business for $900 million. On May 7, 2025 AppLovin, Morocco, Inc. and AppLovin GmbH agreed to sell it to Tripledot and its subsidiaries Eton Games and Tripledot Group Holdings; Foroughi and Tripledot's chief executive Lior Shiff signed an amendment on June 30, 2025, when the sale closed for $715.6 million, $430.6 million in cash and Tripledot shares worth $285.0 million.","source_ids":["src-020","src-002","src-040"],"entity_ids":["applovin","morocco","applovin-gmbh","tripledot","eton-games","tripledot-group-holdings","tds-group-holdings","adam-foroughi","lior-shiff"],"premise_claim_ids":["c-deal-apps-term-sheet","c-deal-apps-sale"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On February 12, 2025 AppLovin announced a term sheet to sell its mobile gaming business for $900 million. On May 7, 2025 AppLovin, Morocco, Inc. and AppLovin GmbH agreed to sell it to Tripledot and its subsidiaries Eton Games and Tripledot Group Holdings; Foroughi and Tripledot's chief executive Lior Shiff signed an amendment on June 30, 2025, when the sale closed for $715.6 million, $430.6 million in cash and Tripledot shares worth $285.0 million."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-4d0f74a8d28cc7b381c10504","record":{"id":"display-claim-4d0f74a8d28cc7b381c10504","kind":"analysis","text":"AppLovin kept responsibility for certain proceedings concerning its former studios. Directory and encyclopedia records show AL Gaming GmbH of Berlin and Machine Zone under Tripledot after the sale. Geewa was sold earlier: the Czech register shows AppLovin as sole shareholder until August 4, 2022 and then Vendetera Invest s.r.o., owned by Ryan Matthew De Santo, who had joined Geewa's board in 2021; Herald Chen sat on Geewa's board from October 2021 to August 2022.","source_ids":["src-002","src-026","src-117","src-051","src-069","src-110"],"entity_ids":["applovin","al-gaming","applovin-gmbh","tripledot-group-holdings","machine-zone","tripledot","geewa","vendetera","ryan-de-santo","herald-chen"],"premise_claim_ids":["c-deal-retained-proceedings","c-deal-studios-after-sale","c-deal-geewa-exit","c-deal-geewa-board"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin kept responsibility for certain proceedings concerning its former studios. Directory and encyclopedia records show AL Gaming GmbH of Berlin and Machine Zone under Tripledot after the sale. Geewa was sold earlier: the Czech register shows AppLovin as sole shareholder until August 4, 2022 and then Vendetera Invest s.r.o., owned by Ryan Matthew De Santo, who had joined Geewa's board in 2021; Herald Chen sat on Geewa's board from October 2021 to August 2022."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-8bc6c9c95b5cb6de9aed68ad","record":{"id":"display-claim-8bc6c9c95b5cb6de9aed68ad","kind":"analysis","text":"Adjust GmbH was founded in 2012 and is registered in Berlin under HRB 140616 B, with its office at Saarbrücker Straße 37A; register publications show it was first registered as adeven GmbH. Its 2020 consolidated statements, audited by Deloitte GmbH and filed by AppLovin, list twelve wholly owned subsidiaries in the United States, Great Britain, Israel, Germany, Japan, China, Korea, France, Singapore and Brazil. On January 28, 2019 Adjust bought Unbotify Ltd. of Tel Aviv, a developer of bot-detection software, for EUR 16.9 million plus contingent consideration. adjust International Holding GmbH was registered in 2019 and is marked dissolved by aggregators.","source_ids":["src-025","src-072","src-088","src-071"],"entity_ids":["adjust-gmbh","adjust-software-ltd","unbotify","adeven-israel","adjust-international","deloitte-gmbh","christian-henschel","paul-mueller"],"premise_claim_ids":["c-st-adjust-identity","c-st-adjust-group-2020","c-st-unbotify","c-st-adjust-international"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Adjust GmbH was founded in 2012 and is registered in Berlin under HRB 140616 B, with its office at Saarbrücker Straße 37A; register publications show it was first registered as adeven GmbH. Its 2020 consolidated statements, audited by Deloitte GmbH and filed by AppLovin, list twelve wholly owned subsidiaries in the United States, Great Britain, Israel, Germany, Japan, China, Korea, France, Singapore and Brazil. On January 28, 2019 Adjust bought Unbotify Ltd. of Tel Aviv, a developer of bot-detection software, for EUR 16.9 million plus contingent consideration. adjust International Holding GmbH was registered in 2019 and is marked dissolved by aggregators."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-f537d6e4fde7ce27b5814ee8","record":{"id":"display-claim-f537d6e4fde7ce27b5814ee8","kind":"analysis","text":"The 2020 statements were signed by the management board, Paul Müller and Christian Henschel, and record the February 2021 agreement to sell Adjust to AppLovin. Register publications shown by aggregators record Müller as managing director until 2022 and Henschel until October 2021; Henschel also manages Spree Eternity GmbH, a party to the purchase agreement. An aggregator lists Andrey Kazakov and Egor Lukomsky as current managing directors and phm equity GmbH as a 6.3% holder in 2020.","source_ids":["src-072","src-087","src-088","src-025"],"entity_ids":["adjust-gmbh","paul-mueller","christian-henschel","applovin","adjust-international","spree-eternity","adjust-software-ltd","andrey-kazakov","egor-lukomsky","marina-keitel","phm-equity"],"premise_claim_ids":["c-st-adjust-management","c-st-henschel-other","c-st-adjust-management-now"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The 2020 statements were signed by the management board, Paul Müller and Christian Henschel, and record the February 2021 agreement to sell Adjust to AppLovin. Register publications shown by aggregators record Müller as managing director until 2022 and Henschel until October 2021; Henschel also manages Spree Eternity GmbH, a party to the purchase agreement. An aggregator lists Andrey Kazakov and Egor Lukomsky as current managing directors and phm equity GmbH as a 6.3% holder in 2020."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-b344ca187f97ee5e2730445c","record":{"id":"display-claim-b344ca187f97ee5e2730445c","kind":"analysis","text":"The Privacy Collective's Dutch collective action of May 2026 names Adjust as AppLovin's German group company and alleges that the two jointly process users' data unlawfully through their SDKs. Fuzzy Panda Research alleged, citing unnamed former executives, that after the purchase AppLovin whitelisted itself in Adjust's fraud detection and cut its anti-fraud team, and described a California class action over the Adjust SDK; AppLovin says Adjust and MAX operate independently. The Justice Department alleges that a KKR fund indirectly acquired Adjust through AppLovin's purchase without a prior HSR filing.","source_ids":["src-085","src-068","src-076","src-077"],"entity_ids":["tpc","applovin","adjust-gmbh","us-doj","kkr-americas-fund-xii","kkr-co-inc","kkr-co-gp-llc","kkr"],"premise_claim_ids":["c-lg-tpc-allegations","c-sh-fuzzy-panda-adjust","c-lg-santa-clara","c-kkr-hsr-adjust"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The Privacy Collective's Dutch collective action of May 2026 names Adjust as AppLovin's German group company and alleges that the two jointly process users' data unlawfully through their SDKs. Fuzzy Panda Research alleged, citing unnamed former executives, that after the purchase AppLovin whitelisted itself in Adjust's fraud detection and cut its anti-fraud team, and described a California class action over the Adjust SDK; AppLovin says Adjust and MAX operate independently. The Justice Department alleges that a KKR fund indirectly acquired Adjust through AppLovin's purchase without a prior HSR filing."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-cb1f1b34db821260f2413a9f","record":{"id":"display-claim-cb1f1b34db821260f2413a9f","kind":"analysis","text":"The full subsidiary list filed with the 2021 annual report includes the Adjust group, AppLovin GmbH, AL HK Ltd, AppLovin Cayman Limited and AppLovin Corporate Limited, AppLovin Active Holdings, a Chinese consulting company, AppLovin Cyprus, the Israeli SafeDK and Unbotify, Morocco, Inc., Samfinaco and studios such as Machine Zone, Geewa and Clipwire. The 2022 list adds WURL, LLC and Magic Tavern; the lists for 2024 and 2025 name only Adjust GmbH, AppLovin Active Holdings and AppLovin (Singapore) Pte. Ltd., and such lists may omit smaller subsidiaries.","source_ids":["src-036","src-099","src-007"],"entity_ids":["applovin","adjust-gmbh","adjust-international","adeven-israel","adjust-software-ltd","applovin-gmbh","al-hk","applovin-cayman","applovin-corporate","applovin-active-holdings","applovin-cyprus","safedk","unbotify","morocco","samfinaco","machine-zone","geewa","clipwire","redemption-games","peoplefun","lion-studios","zenlife-cy","zenlife-sg","magic-tavern","wurl-llc","applovin-singapore"],"premise_claim_ids":["c-st-ex21-2021","c-st-ex21-2022","c-st-ex21-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The full subsidiary list filed with the 2021 annual report includes the Adjust group, AppLovin GmbH, AL HK Ltd, AppLovin Cayman Limited and AppLovin Corporate Limited, AppLovin Active Holdings, a Chinese consulting company, AppLovin Cyprus, the Israeli SafeDK and Unbotify, Morocco, Inc., Samfinaco and studios such as Machine Zone, Geewa and Clipwire. The 2022 list adds WURL, LLC and Magic Tavern; the lists for 2024 and 2025 name only Adjust GmbH, AppLovin Active Holdings and AppLovin (Singapore) Pte. Ltd., and such lists may omit smaller subsidiaries."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-05ac8e017a94eb26fd14f6b1","record":{"id":"display-claim-05ac8e017a94eb26fd14f6b1","kind":"analysis","text":"AppLovin (Singapore) Pte. Ltd. was incorporated in April 2023 for software publishing and advertising, according to a directory. Two other companies with the group's name, AppLovin (Singapore) Technologies I and II, with consecutive registration numbers, were struck off on January 26, 2026 according to the official gazette; neither appears in AppLovin's subsidiary lists, and the connection rests on their names and directory profiles.","source_ids":["src-037","src-107","src-103"],"entity_ids":["applovin-singapore","applovin-sg-tech-1","applovin-sg-tech-2","applovin"],"premise_claim_ids":["c-st-singapore","c-st-singapore-tech"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin (Singapore) Pte. Ltd. was incorporated in April 2023 for software publishing and advertising, according to a directory. Two other companies with the group's name, AppLovin (Singapore) Technologies I and II, with consecutive registration numbers, were struck off on January 26, 2026 according to the official gazette; neither appears in AppLovin's subsidiary lists, and the connection rests on their names and directory profiles."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-5180702985e3cd407af0e5aa","record":{"id":"display-claim-5180702985e3cd407af0e5aa","kind":"analysis","text":"WURL, LLC, a Delaware company, registered in California in July 2022 at AppLovin's Palo Alto address, three months after the purchase of Wurl, Inc.; the record does not show whether one became the other. AppLovin GmbH is registered in Berlin under HRB 179573 B and was a seller in the 2025 Apps sale; an aggregator lists Dominik Roß as a managing director.","source_ids":["src-038","src-040","src-026"],"entity_ids":["wurl-llc","applovin","wurl-inc","applovin-gmbh","dominik-ross"],"premise_claim_ids":["c-st-wurl-llc","c-st-applovin-gmbh"],"qualification":"","response":"","outcome":""},"reading":"Analysis: WURL, LLC, a Delaware company, registered in California in July 2022 at AppLovin's Palo Alto address, three months after the purchase of Wurl, Inc.; the record does not show whether one became the other. AppLovin GmbH is registered in Berlin under HRB 179573 B and was a seller in the 2025 Apps sale; an aggregator lists Dominik Roß as a managing director."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-59a1f16459494a45a4ee82f3","record":{"id":"display-claim-59a1f16459494a45a4ee82f3","kind":"analysis","text":"An Israeli Corporations Authority extract of January 2025, read in a copy published by Fuzzy Panda Research, shows SafeDK Mobile Ltd with AppLovin Corporation as sole shareholder since November 2021 and Arash Adam Foroughi as director since July 2020. SafeDK's U.S. trade mark was cancelled in July 2022 because no declaration of use was filed.","source_ids":["src-055","src-112"],"entity_ids":["safedk","applovin","adam-foroughi"],"premise_claim_ids":["c-st-safedk-registry","c-st-safedk-trademark"],"qualification":"","response":"","outcome":""},"reading":"Analysis: An Israeli Corporations Authority extract of January 2025, read in a copy published by Fuzzy Panda Research, shows SafeDK Mobile Ltd with AppLovin Corporation as sole shareholder since November 2021 and Arash Adam Foroughi as director since July 2020. SafeDK's U.S. trade mark was cancelled in July 2022 because no declaration of use was filed."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-60fd129516c8f423b4abfc11","record":{"id":"display-claim-60fd129516c8f423b4abfc11","kind":"analysis","text":"AppLovin's 2025 annual report and its report for the second quarter of 2026 say in general terms that it is involved in legal proceedings and \"governmental and other regulatory investigations and proceedings\", but name only the securities class action and the derivative litigation, and state that the possible loss cannot be estimated.","source_ids":["src-002","src-059"],"entity_ids":["applovin"],"premise_claim_ids":["c-lg-item3"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin's 2025 annual report and its report for the second quarter of 2026 say in general terms that it is involved in legal proceedings and \"governmental and other regulatory investigations and proceedings\", but name only the securities class action and the derivative litigation, and state that the possible loss cannot be estimated."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-1a68f7f8ada0c1f8c8bd951f","record":{"id":"display-claim-1a68f7f8ada0c1f8c8bd951f","kind":"analysis","text":"From March 2025 shareholders filed class actions against AppLovin, Adam Foroughi, Matthew Stumpf and Herald Chen under the Securities Exchange Act. In the remaining case, No. 4:25-cv-02772 before Judge Haywood S. Gilliam Jr., the lead plaintiffs Northern California Pipe Trades Trust Funds and Monroe County Employees' Retirement System filed an amended complaint in September 2025 that added Basil Shikin, alleging misleading statements about AppLovin's advertising solutions and growth between November 7, 2024 and March 27, 2025. AppLovin says the claims lack merit. The court took the motion to dismiss under submission in April 2026 and on September 30, 2026 denied the plaintiffs' motion to supplement their complaint; no ruling on the merits is in the record.","source_ids":["src-002","src-031","src-032"],"entity_ids":["applovin","adam-foroughi","matthew-stumpf","herald-chen","vasily-shikin","ncpttf","monroe-county-ers"],"premise_claim_ids":["c-lg-securities","c-lg-securities-docket"],"qualification":"","response":"","outcome":""},"reading":"Analysis: From March 2025 shareholders filed class actions against AppLovin, Adam Foroughi, Matthew Stumpf and Herald Chen under the Securities Exchange Act. In the remaining case, No. 4:25-cv-02772 before Judge Haywood S. Gilliam Jr., the lead plaintiffs Northern California Pipe Trades Trust Funds and Monroe County Employees' Retirement System filed an amended complaint in September 2025 that added Basil Shikin, alleging misleading statements about AppLovin's advertising solutions and growth between November 7, 2024 and March 27, 2025. AppLovin says the claims lack merit. The court took the motion to dismiss under submission in April 2026 and on September 30, 2026 denied the plaintiffs' motion to supplement their complaint; no ruling on the merits is in the record."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-392daebbc775fe5f174180a1","record":{"id":"display-claim-392daebbc775fe5f174180a1","kind":"analysis","text":"Derivative suits filed from March 2025 against the directors, Foroughi and Stumpf on the same allegations have been consolidated and stayed until the motion is decided. On September 16, 2026 a further class action (No. 3:26-cv-10584) was filed against AppLovin, Foroughi and Stumpf; a law firm announced a class period from February 12 to August 5, 2026 and allegations about delays to a generative AI video feature, though its link to that case is not confirmed.","source_ids":["src-002","src-063","src-061"],"entity_ids":["applovin","adam-foroughi","matthew-stumpf"],"premise_claim_ids":["c-lg-derivative","c-lg-second-class-action"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Derivative suits filed from March 2025 against the directors, Foroughi and Stumpf on the same allegations have been consolidated and stayed until the motion is decided. On September 16, 2026 a further class action (No. 3:26-cv-10584) was filed against AppLovin, Foroughi and Stumpf; a law firm announced a class period from February 12 to August 5, 2026 and allegations about delays to a generative AI video feature, though its link to that case is not confirmed."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-fcf49e763492b5198f31a1f7","record":{"id":"display-claim-fcf49e763492b5198f31a1f7","kind":"analysis","text":"On May 21, 2026 Stichting The Privacy Collective served a summons under the Dutch collective-action rules on AppLovin Corporation and Adjust GmbH, before the Amsterdam District Court. It sues for Dutch users of apps with their SDKs since May 2018, at least 8.5 million people, alleging processing without legal basis, transparency or child protection in breach of the GDPR and the Telecommunications Act, and seeks injunctions, penalty payments and compensation. Amnesty International Netherlands publicly supported the claim. No ruling is in the record.","source_ids":["src-085","src-068","src-118"],"entity_ids":["tpc","applovin","adjust-gmbh"],"premise_claim_ids":["c-lg-tpc-filing","c-lg-tpc-allegations","c-lg-tpc-amnesty"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On May 21, 2026 Stichting The Privacy Collective served a summons under the Dutch collective-action rules on AppLovin Corporation and Adjust GmbH, before the Amsterdam District Court. It sues for Dutch users of apps with their SDKs since May 2018, at least 8.5 million people, alleging processing without legal basis, transparency or child protection in breach of the GDPR and the Telecommunications Act, and seeks injunctions, penalty payments and compensation. Amnesty International Netherlands publicly supported the claim. No ruling is in the record."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-b0479e836d5bf9fec08298f4","record":{"id":"display-claim-b0479e836d5bf9fec08298f4","kind":"analysis","text":"In September 2026 AppLovin asked the San Francisco Superior Court for a temporary restraining order against Unity, alleging that Unity's Ad Quality SDK collected data on AppLovin's advertisements and used it to train competing models, and began a JAMS arbitration. Unity called the filings litigation and intimidation by a dominant incumbent; the court declined the order, which concerned only interim relief.","source_ids":["src-098","src-106"],"entity_ids":["applovin","unity","safedk"],"premise_claim_ids":["c-lg-unity"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In September 2026 AppLovin asked the San Francisco Superior Court for a temporary restraining order against Unity, alleging that Unity's Ad Quality SDK collected data on AppLovin's advertisements and used it to train competing models, and began a JAMS arbitration. Unity called the filings litigation and intimidation by a dominant incumbent; the court declined the order, which concerned only interim relief."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-cde3fc0f8e1211246b320d1c","record":{"id":"display-claim-cde3fc0f8e1211246b320d1c","kind":"analysis","text":"Fuzzy Panda Research wrote that a 2024 class action in Santa Clara County accuses AppLovin of tracking users through the Adjust SDK without consent; the complaint was not retrieved and the case is not named in AppLovin's filings. AppLovin also kept responsibility for some proceedings concerning the studios it sold in 2025.","source_ids":["src-076","src-002"],"entity_ids":["applovin","adjust-gmbh"],"premise_claim_ids":["c-lg-santa-clara","c-deal-retained-proceedings"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Fuzzy Panda Research wrote that a 2024 class action in Santa Clara County accuses AppLovin of tracking users through the Adjust SDK without consent; the complaint was not retrieved and the case is not named in AppLovin's filings. AppLovin also kept responsibility for some proceedings concerning the studios it sold in 2025."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-9ae094872da91b41056b31ff","record":{"id":"display-claim-9ae094872da91b41056b31ff","kind":"analysis","text":"In October 2025 the press reported, citing people familiar with the matter, that the SEC was investigating whether AppLovin had violated platform partners' service agreements to target advertising, in response to a whistleblower complaint and short-seller reports, and that no one had been accused. AppLovin said it does not comment on the existence of regulatory matters. In February 2026 the press quoted an SEC letter saying an investigation involving AppLovin was still active; the letter itself is not in the record.","source_ids":["src-064","src-065"],"entity_ids":["applovin"],"premise_claim_ids":["c-sec-probe"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In October 2025 the press reported, citing people familiar with the matter, that the SEC was investigating whether AppLovin had violated platform partners' service agreements to target advertising, in response to a whistleblower complaint and short-seller reports, and that no one had been accused. AppLovin said it does not comment on the existence of regulatory matters. In February 2026 the press quoted an SEC letter saying an investigation involving AppLovin was still active; the letter itself is not in the record."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-0d000b1da4443211fb94edd0","record":{"id":"display-claim-0d000b1da4443211fb94edd0","kind":"analysis","text":"Fuzzy Panda Research and Culper Research published on February 26, 2025 and Muddy Waters Research on March 27, 2025, each disclosing a short position; Culper followed with a second report on June 12, 2025. The shares fell 12% on the day of the first reports.","source_ids":["src-080","src-065","src-076","src-081","src-079"],"entity_ids":["applovin"],"premise_claim_ids":["c-sh-reports"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Fuzzy Panda Research and Culper Research published on February 26, 2025 and Muddy Waters Research on March 27, 2025, each disclosing a short position; Culper followed with a second report on June 12, 2025. The shares fell 12% on the day of the first reports."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-c9785d1826050424a508b4fb","record":{"id":"display-claim-c9785d1826050424a508b4fb","kind":"analysis","text":"Fuzzy Panda alleged that AppLovin's AXON 2.0 algorithm rests on tactics former staff and experts call ad fraud, that ads were programmed to \"click themselves\", that children's accounts set to \"Do Not Track\" received a persistent identifier and that its tests showed sexual ads served to children; citing unnamed former Adjust executives, it said AppLovin whitelisted itself in Adjust's fraud detection. Its findings rest on its own tests, code review and unnamed sources.","source_ids":["src-076"],"entity_ids":["applovin","adjust-gmbh"],"premise_claim_ids":["c-sh-fuzzy-panda","c-sh-fuzzy-panda-adjust"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Fuzzy Panda alleged that AppLovin's AXON 2.0 algorithm rests on tactics former staff and experts call ad fraud, that ads were programmed to \"click themselves\", that children's accounts set to \"Do Not Track\" received a persistent identifier and that its tests showed sexual ads served to children; citing unnamed former Adjust executives, it said AppLovin whitelisted itself in Adjust's fraud detection. Its findings rest on its own tests, code review and unnamed sources."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-0129e725978371fc5af47eaf","record":{"id":"display-claim-0129e725978371fc5af47eaf","kind":"analysis","text":"Culper alleged that AppLovin's mobile-game growth rested on silent installs: from late 2022 it said a permission added to customers' apps through MAX SDK updates let them install apps outside Google Play via Array's AppHub, and that a PeopleFun game was installed without consent. It cited AppLovin staff describing Direct Download as the top revenue driver and a Samsung agreement \"valued at $1 billion over 4 years\", and wrote that insiders had sold nearly $2.0 billion of stock.","source_ids":["src-081","src-076"],"entity_ids":["applovin","peoplefun","max-advertising","kkr"],"premise_claim_ids":["c-sh-culper-installs","c-sh-culper-insider-sales"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Culper alleged that AppLovin's mobile-game growth rested on silent installs: from late 2022 it said a permission added to customers' apps through MAX SDK updates let them install apps outside Google Play via Array's AppHub, and that a PeopleFun game was installed without consent. It cited AppLovin staff describing Direct Download as the top revenue driver and a Samsung agreement \"valued at $1 billion over 4 years\", and wrote that insiders had sold nearly $2.0 billion of stock."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-3cb832b7622850a4706420fa","record":{"id":"display-claim-3cb832b7622850a4706420fa","kind":"analysis","text":"Muddy Waters estimated that about 52% of e-commerce sales attributed to AppLovin are retargeting and only 25–35% incremental, against the chief executive's \"nearly 100%\", and that its pixel sends Facebook, Instagram, Snap and TikTok identifiers to AppLovin's servers to build \"Persistent Identity Graphs\" in breach of platform terms. It noted that Compass Analytics had disappeared from AppLovin's annual reports; the 2022 report described it and the 2025 report does not.","source_ids":["src-080","src-034","src-082"],"entity_ids":["applovin","adam-foroughi","max-advertising"],"premise_claim_ids":["c-sh-muddy-waters"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Muddy Waters estimated that about 52% of e-commerce sales attributed to AppLovin are retargeting and only 25–35% incremental, against the chief executive's \"nearly 100%\", and that its pixel sends Facebook, Instagram, Snap and TikTok identifiers to AppLovin's servers to build \"Persistent Identity Graphs\" in breach of platform terms. It noted that Compass Analytics had disappeared from AppLovin's annual reports; the 2022 report described it and the 2025 report does not."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-80686658e9d71e9dddaee2ef","record":{"id":"display-claim-80686658e9d71e9dddaee2ef","kind":"analysis","text":"Culper's second report alleged that Hao Tang controlled up to 28% of Class A before the IPO and that the chief executive's statement that AppLovin does not \"operate inside China\" was contradicted by agency deals with BlueFocus and eClickTech. eClickTech announced on January 15, 2025 that its Cyberklick brand had become AppLovin's first tier-one agent in Greater China, and BlueFocus's 2024 report summary says it became AppLovin's first certified e-commerce partner there; AppLovin's filings in the record do not mention either arrangement.","source_ids":["src-079","src-091","src-111"],"entity_ids":["hao-tang","angel-pride","hontai-app-fund","ap-investment-capital","prominence-trust","applovin","adam-foroughi","bluefocus","easy-click"],"premise_claim_ids":["c-ap-culper-control","c-sh-culper-china","c-sh-china-agents"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Culper's second report alleged that Hao Tang controlled up to 28% of Class A before the IPO and that the chief executive's statement that AppLovin does not \"operate inside China\" was contradicted by agency deals with BlueFocus and eClickTech. eClickTech announced on January 15, 2025 that its Cyberklick brand had become AppLovin's first tier-one agent in Greater China, and BlueFocus's 2024 report summary says it became AppLovin's first certified e-commerce partner there; AppLovin's filings in the record do not mention either arrangement."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-d68987791e3a3a2feb0dc19f","record":{"id":"display-claim-d68987791e3a3a2feb0dc19f","kind":"analysis","text":"In a \"Note from our CEO\" dated February 26, 2025, Adam Foroughi called the reports false and misleading and aimed at driving down the stock. He said every download results from an explicit user choice, whether through the App Store or AppLovin's Direct Download experience, that AppLovin does not track children's data or work separately with data brokers, and that Adjust and MAX operate independently. In October 2025 the press reported that the SEC was examining allegations that AppLovin violated platform partners' service agreements, prompted by a whistleblower complaint and the short reports; no finding has been published.","source_ids":["src-078","src-065","src-080","src-064"],"entity_ids":["applovin","adam-foroughi","adjust-gmbh","max-advertising"],"premise_claim_ids":["c-sh-ceo-note","c-sec-probe"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In a \"Note from our CEO\" dated February 26, 2025, Adam Foroughi called the reports false and misleading and aimed at driving down the stock. He said every download results from an explicit user choice, whether through the App Store or AppLovin's Direct Download experience, that AppLovin does not track children's data or work separately with data brokers, and that Adjust and MAX operate independently. In October 2025 the press reported that the SEC was examining allegations that AppLovin violated platform partners' service agreements, prompted by a whistleblower complaint and the short reports; no finding has been published."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-cdde79753436b554672b2981","record":{"id":"display-claim-cdde79753436b554672b2981","kind":"analysis","text":"AppLovin's 2025 annual report describes four products: Axon Ads Manager for user acquisition, the MAX in-app bidding platform for publishers, the Adjust measurement platform and the Wurl connected-TV platform.","source_ids":["src-002"],"entity_ids":["applovin"],"premise_claim_ids":["c-id-products"],"qualification":"","response":"","outcome":""},"reading":"Analysis: AppLovin's 2025 annual report describes four products: Axon Ads Manager for user acquisition, the MAX in-app bidding platform for publishers, the Adjust measurement platform and the Wurl connected-TV platform."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-b498a6d893910ff8243e5c3e","record":{"id":"display-claim-b498a6d893910ff8243e5c3e","kind":"analysis","text":"Before the sale of the Apps business, revenue was $1,451.1 million in 2020, $2,793.1 million in 2021 and $2,817.1 million in 2022, with a net loss in 2020 and 2022. Revenue from continuing operations was $1,841.8 million in 2023, $3,224.1 million in 2024 and $5,480.7 million in 2025, and net income from continuing operations rose from $457.8 million to $3,433.2 million. The company's own letter puts 2025 Adjusted EBITDA at $4.5 billion and free cash flow at $4.0 billion, measures it defines itself.","source_ids":["src-034","src-002","src-001"],"entity_ids":["applovin"],"premise_claim_ids":["c-fin-results-2020-2022","c-fin-results-2023-2025","c-fin-letter-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Before the sale of the Apps business, revenue was $1,451.1 million in 2020, $2,793.1 million in 2021 and $2,817.1 million in 2022, with a net loss in 2020 and 2022. Revenue from continuing operations was $1,841.8 million in 2023, $3,224.1 million in 2024 and $5,480.7 million in 2025, and net income from continuing operations rose from $457.8 million to $3,433.2 million. The company's own letter puts 2025 Adjusted EBITDA at $4.5 billion and free cash flow at $4.0 billion, measures it defines itself."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"claims","id":"display-claim-9b85dd7ee532f3cbd8131153","record":{"id":"display-claim-9b85dd7ee532f3cbd8131153","kind":"analysis","text":"At the end of 2025 AppLovin's debt consisted of $3,550.0 million of unsecured senior notes due between 2029 and 2054, issued in December 2024 with an unsecured $1.0 billion revolving facility to replace the 2018 Credit Agreement; nothing was drawn at year end. Stockholders' equity was $2,134.7 million. The company repurchased 5.5 million Class A shares for $2.2 billion in 2025, and $3.3 billion of authorisation remained. On March 31, 2026 there were 306,086,916 Class A and 30,207,521 Class B shares. Deloitte & Touche LLP is the independent auditor.","source_ids":["src-002","src-001","src-034"],"entity_ids":["applovin","deloitte"],"premise_claim_ids":["c-fin-debt","c-fin-equity-buybacks","c-ctl-capital-2026","c-fin-auditor"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At the end of 2025 AppLovin's debt consisted of $3,550.0 million of unsecured senior notes due between 2029 and 2054, issued in December 2024 with an unsecured $1.0 billion revolving facility to replace the 2018 Credit Agreement; nothing was drawn at year end. Stockholders' equity was $2,134.7 million. The company repurchased 5.5 million Class A shares for $2.2 billion in 2025, and $3.3 billion of authorisation remained. On March 31, 2026 there were 306,086,916 Class A and 30,207,521 Class B shares. Deloitte & Touche LLP is the independent auditor."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"applovin","record":{"id":"applovin","name":"AppLovin Corporation","type":"organization","group":"subject","claim_ids":["c-id-registration","c-id-name","c-id-listing","c-id-share-classes","c-id-products","c-fin-results-2023-2025","c-fin-letter-2025","c-fin-results-2020-2022","c-fin-debt","c-fin-equity-buybacks","c-fin-auditor","c-ctl-capital-2026","c-ctl-voting-agreement-2026","c-ctl-controlled-company","c-ctl-class-b-holders","c-ctl-foroughi-2026","c-ctl-chen-2026","c-ctl-insider-forms-2026","c-ctl-ipo-voting","c-ctl-holders-2022","c-ctl-holders-2023","c-ctl-foroughi-13g-2024","c-ctl-holders-2025","c-ctl-institutions-2026","c-ctl-institutions-later-2026","c-ctl-founders","c-ctl-ipo-other-holders","c-ctl-director-holdings-2026","c-ctl-vivas-forward","c-kkr-series-a-2018","c-kkr-chen-signatory","c-kkr-chen-led-investment","c-kkr-ipo-chain","c-kkr-board-rights","c-kkr-credit-agreement","c-kkr-capital-markets-fees","c-kkr-exit","c-kkr-hsr-applovin","c-kkr-hsr-adjust","c-hon-2016-agreement","c-hon-2017-financing","c-hon-culper-history","c-hon-ira-2018","c-hon-yuntao-ma","c-hon-warrant-2019","c-hon-fund-structure","c-hon-distribution-2023","c-hon-midterm-link-claim","c-hon-kunshan-claim","c-hon-crypto-article-claim","c-ap-ipo","c-ap-2023","c-ap-proxy-tables","c-ap-2024-transfer","c-ap-2025","c-ap-signatory","c-ap-prominence","c-ap-culper-control","c-ap-culper-disclosure","c-ap-rich-lists","c-ht-2023-holding","c-ht-repurchase-2024","c-ht-2025-holding","c-ht-press-stake-2026","c-ht-culper-goldenway","c-ht-extradition","c-ht-capitalwatch","c-ht-jpmorgan","c-bd-board-2026","c-bd-officers-2026","c-bd-transitions-2026","c-bd-board-ipo","c-bd-board-2022-2024","c-bd-meeting-2026-votes","c-bd-late-form4","c-bd-foroughi","c-bd-chen","c-bd-chen-transition","c-bd-billings","c-bd-billings-wynn-page","c-bd-georgiadis","c-bd-messing","c-bd-morgenfeld","c-bd-vivas","c-bd-webb","c-bd-webb-seed","c-bd-valenzuela","c-bd-shikin","c-bd-stumpf","c-bd-dorosh","c-bd-ge-cacovean","c-bd-jansen","c-bd-arutunian","c-bd-oberwager","c-bd-sun","c-bd-sharma","c-bd-harvey-dawson","c-bd-founders-later","c-rp-policy-2026","c-rp-investor-rights","c-rp-chen-exchange","c-rp-rafael-vivas","c-rp-lion-studios","c-rp-officer-loans","c-rp-repurchases-2019","c-rp-repurchases-2021","c-rp-cookie-monster","c-rp-humans","c-rp-humans-outcome","c-rp-directed-shares","c-deal-ipo-summary","c-deal-peoplefun","c-deal-max","c-deal-2019-companies","c-deal-recoded","c-deal-samfinaco","c-deal-geewa-2020","c-deal-redemption","c-deal-machine-zone","c-deal-adjust","c-deal-2021-assets","c-deal-mopub","c-deal-wurl","c-deal-list-2025","c-deal-unity-2022","c-deal-tiktok","c-deal-apps-term-sheet","c-deal-apps-sale","c-deal-tripledot-related","c-deal-retained-proceedings","c-deal-studios-2021","c-deal-geewa-exit","c-deal-geewa-board","c-st-ex21-2021","c-st-ex21-2022","c-st-ex21-2024","c-st-singapore-tech","c-st-wurl-llc","c-st-applovin-gmbh","c-st-adjust-management","c-st-safedk-registry","c-lg-item3","c-lg-securities","c-lg-securities-docket","c-lg-derivative","c-lg-second-class-action","c-lg-tpc-filing","c-lg-tpc-allegations","c-lg-tpc-amnesty","c-lg-santa-clara","c-lg-unity","c-sec-probe","c-sh-reports","c-sh-ceo-note","c-sh-fuzzy-panda","c-sh-fuzzy-panda-adjust","c-sh-culper-installs","c-sh-culper-insider-sales","c-sh-muddy-waters","c-sh-culper-china","c-sh-china-agents"],"badges":[{"label":"Securities class action filed 2025 (No. 4:25-cv-02772); allegations disputed, motion to dismiss pending","claim_ids":["c-lg-securities"],"code":"A1","category":"CIVIL_LITIGATION","subject_id":"applovin"},{"label":"Second securities class action filed September 2026; no ruling","claim_ids":["c-lg-second-class-action"],"code":"A3","category":"CIVIL_LITIGATION","subject_id":"applovin"},{"label":"Dutch collective privacy action (WAMCA) filed May 2026; pending","claim_ids":["c-lg-tpc-allegations"],"code":"A4","category":"CIVIL_LITIGATION","subject_id":"applovin"},{"label":"California privacy class action (2024) as described by a short seller; course not known","claim_ids":["c-lg-santa-clara"],"code":"A5","category":"CIVIL_LITIGATION","subject_id":"applovin"},{"label":"SEC investigation reported by the press (2025-2026); not confirmed by AppLovin, no accusation","claim_ids":["c-sec-probe"],"code":"A6","category":"REGULATORY_ACTION","subject_id":"applovin"},{"label":"Short-seller reports of 2025 alleging ad-tech and disclosure misconduct; disputed by AppLovin","claim_ids":["c-sh-fuzzy-panda","c-sh-fuzzy-panda-adjust","c-sh-culper-installs","c-sh-muddy-waters","c-sh-culper-china"],"code":"A7","category":"ADVERSE_MEDIA","subject_id":"applovin"}],"subtype":"company","jurisdiction":"us","aliases":["AppLovin Corp"],"identifiers":[{"scheme":"other","value":"0001751008","issuer":"U.S. Securities and Exchange Commission (Central Index Key)"},{"scheme":"other","value":"45-3264542","issuer":"U.S. Internal Revenue Service (employer identification number)"}],"same_as":["https://data.sec.gov/submissions/CIK0001751008.json"],"role":"","period":""},"reading":"AppLovin Corporation (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"morocco","record":{"id":"morocco","name":"Morocco, Inc.","type":"organization","group":"group_companies","claim_ids":["c-deal-machine-zone","c-deal-apps-sale","c-st-ex21-2021","c-st-ex21-2022"],"subtype":"company","jurisdiction":"us","role":"","period":""},"reading":"Morocco, Inc. (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"applovin-gmbh","record":{"id":"applovin-gmbh","name":"AppLovin GmbH","type":"organization","group":"group_companies","claim_ids":["c-deal-apps-sale","c-deal-studios-after-sale","c-st-ex21-2021","c-st-applovin-gmbh"],"subtype":"company","jurisdiction":"de","identifiers":[{"scheme":"company_register","value":"HRB 179573 B","issuer":"Amtsgericht Charlottenburg (Berlin), commercial register"}],"role":"","period":""},"reading":"AppLovin GmbH (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"applovin-active-holdings","record":{"id":"applovin-active-holdings","name":"AppLovin Active Holdings, LLC","type":"organization","group":"group_companies","claim_ids":["c-deal-adjust","c-st-ex21-2021","c-st-ex21-2022","c-st-ex21-2024"],"subtype":"company","jurisdiction":"us","role":"","period":""},"reading":"AppLovin Active Holdings, LLC (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"applovin-singapore","record":{"id":"applovin-singapore","name":"AppLovin (Singapore) Pte. Ltd.","type":"organization","group":"group_companies","claim_ids":["c-st-ex21-2024","c-st-singapore","c-st-singapore-tech"],"subtype":"company","jurisdiction":"sg","role":"","period":""},"reading":"AppLovin (Singapore) Pte. Ltd. (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"applovin-sg-tech-1","record":{"id":"applovin-sg-tech-1","name":"AppLovin (Singapore) Technologies I Pte. Ltd.","type":"organization","group":"historical","claim_ids":["c-st-singapore-tech"],"subtype":"company","jurisdiction":"sg","identifiers":[{"scheme":"company_register","value":"202451011N","issuer":"Accounting and Corporate Regulatory Authority (Singapore), UEN"}],"role":"","period":""},"reading":"AppLovin (Singapore) Technologies I Pte. Ltd. (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"applovin-sg-tech-2","record":{"id":"applovin-sg-tech-2","name":"AppLovin (Singapore) Technologies II Pte. Ltd.","type":"organization","group":"historical","claim_ids":["c-st-singapore-tech"],"subtype":"company","jurisdiction":"sg","identifiers":[{"scheme":"company_register","value":"202451012E","issuer":"Accounting and Corporate Regulatory Authority (Singapore), UEN"}],"role":"","period":""},"reading":"AppLovin (Singapore) Technologies II Pte. Ltd. (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"wurl-inc","record":{"id":"wurl-inc","name":"Wurl, Inc.","type":"organization","group":"group_companies","claim_ids":["c-deal-wurl","c-deal-list-2025","c-st-wurl-llc"],"subtype":"company","role":"","period":""},"reading":"Wurl, Inc. (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"wurl-llc","record":{"id":"wurl-llc","name":"WURL, LLC","type":"organization","group":"group_companies","claim_ids":["c-st-ex21-2022","c-st-wurl-llc"],"subtype":"company","jurisdiction":"us","role":"","period":""},"reading":"WURL, LLC (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"adjust-gmbh","record":{"id":"adjust-gmbh","name":"Adjust GmbH","type":"organization","role":"AppLovin subsidiary for mobile measurement and attribution","period":"Since April 2021","group":"group_companies","claim_ids":["c-kkr-hsr-adjust","c-deal-ipo-summary","c-deal-adjust","c-deal-list-2025","c-st-ex21-2021","c-st-ex21-2022","c-st-ex21-2024","c-st-adjust-identity","c-st-adjust-group-2020","c-st-unbotify","c-st-adjust-management","c-st-adjust-management-now","c-lg-tpc-filing","c-lg-tpc-allegations","c-lg-santa-clara","c-sh-ceo-note","c-sh-fuzzy-panda-adjust"],"badges":[{"label":"Dutch collective privacy action (WAMCA) filed May 2026; pending","claim_ids":["c-lg-tpc-allegations"],"code":"A4","category":"CIVIL_LITIGATION","subject_id":"adjust-gmbh"}],"subtype":"company","jurisdiction":"de","aliases":["adeven GmbH"],"identifiers":[{"scheme":"company_register","value":"HRB 140616 B","issuer":"Amtsgericht Charlottenburg (Berlin), commercial register"}]},"reading":"Adjust GmbH (organization): AppLovin subsidiary for mobile measurement and attribution"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"adjust-international","record":{"id":"adjust-international","name":"adjust International Holding GmbH","type":"organization","group":"historical","claim_ids":["c-st-ex21-2021","c-st-adjust-group-2020","c-st-adjust-management","c-st-adjust-international"],"subtype":"company","jurisdiction":"de","role":"","period":""},"reading":"adjust International Holding GmbH (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"adeven-israel","record":{"id":"adeven-israel","name":"Adeven Israel Ltd","type":"organization","group":"group_companies","claim_ids":["c-st-ex21-2021","c-st-adjust-group-2020"],"subtype":"company","jurisdiction":"il","role":"","period":""},"reading":"Adeven Israel Ltd (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"unbotify","record":{"id":"unbotify","name":"Unbotify Ltd","type":"organization","group":"group_companies","claim_ids":["c-st-ex21-2021","c-st-adjust-group-2020","c-st-unbotify"],"subtype":"company","jurisdiction":"il","role":"","period":""},"reading":"Unbotify Ltd (organization)"}
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{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"ling-tang","record":{"id":"ling-tang","name":"Ling Tang","type":"person","group":"other","claim_ids":["c-hon-crypto-article-claim","c-ap-ipo","c-ap-2023","c-ap-2024-transfer","c-ap-wing-hong-street","c-ap-culper-disclosure","c-ap-rich-lists","c-ap-sister-claim"],"subtype":"person","aliases":["Tang Ling"],"role":"","period":""},"reading":"Ling Tang (person)"}
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{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"google","record":{"id":"google","name":"Google","type":"organization","group":"other","claim_ids":["c-bd-georgiadis"],"subtype":"company","role":"","period":""},"reading":"Google (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"south-park-commons","record":{"id":"south-park-commons","name":"South Park Commons","type":"organization","group":"other","claim_ids":["c-bd-founders-later"],"subtype":"company","role":"","period":""},"reading":"South Park Commons (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"ncpttf","record":{"id":"ncpttf","name":"Northern California Pipe Trades Trust Funds","type":"organization","group":"other","claim_ids":["c-lg-securities","c-lg-securities-docket"],"subtype":"other","role":"","period":""},"reading":"Northern California Pipe Trades Trust Funds (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"monroe-county-ers","record":{"id":"monroe-county-ers","name":"Monroe County Employees' Retirement System","type":"organization","group":"other","claim_ids":["c-lg-securities","c-lg-securities-docket"],"subtype":"other","role":"","period":""},"reading":"Monroe County Employees' Retirement System (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"entities","id":"tpc","record":{"id":"tpc","name":"Stichting The Privacy Collective","type":"organization","group":"other","claim_ids":["c-lg-tpc-filing","c-lg-tpc-allegations","c-lg-tpc-amnesty"],"subtype":"other","jurisdiction":"nl","aliases":["The Privacy Collective"],"role":"","period":""},"reading":"Stichting The Privacy Collective (organization)"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-nasdaq","record":{"id":"r-app-nasdaq","from":"applovin","to":"nasdaq","status":"documented","role":"Class A shares listed on the Nasdaq Global Select Market (ticker APP)","period":"Since the IPO on April 15, 2021","claim_ids":["c-id-listing"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"current"},"reading":"applovin → nasdaq: Class A shares listed on the Nasdaq Global Select Market (ticker APP) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-deloitte-app","record":{"id":"r-deloitte-app","from":"deloitte","to":"applovin","status":"documented","role":"Independent registered public accounting firm","period":"Audit of 2022 internal control; proposed for 2026","claim_ids":["c-fin-auditor"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"current"},"reading":"deloitte → applovin: Independent registered public accounting firm [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-deloittegmbh-adjust","record":{"id":"r-deloittegmbh-adjust","from":"deloitte-gmbh","to":"adjust-gmbh","status":"documented","role":"Auditor of the 2020 consolidated financial statements","period":"Report signed February 15, 2021","claim_ids":["c-st-adjust-group-2020"],"kind":"business","direction":"directed","role_group":"infrastructure","temporal_status":"historical"},"reading":"deloitte-gmbh → adjust-gmbh: Auditor of the 2020 consolidated financial statements [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-foroughi-app-control","record":{"id":"r-foroughi-app-control","from":"adam-foroughi","to":"applovin","status":"documented","role":"Holder of most Class B shares and party to the Voting Agreement (controlling shareholder)","period":"Since the April 2021 IPO; 61.6% of voting power as of March 31, 2026","claim_ids":["c-ctl-foroughi-2026","c-ctl-voting-agreement-2026","c-ctl-controlled-company","c-ctl-class-b-holders","c-ctl-insider-forms-2026","c-ctl-ipo-voting","c-ctl-holders-2022","c-ctl-holders-2023","c-ctl-holders-2025","c-ctl-foroughi-13g-2024"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"adam-foroughi → applovin: Holder of most Class B shares and party to the Voting Agreement (controlling shareholder) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-app-shares","record":{"id":"r-chen-app-shares","from":"herald-chen","to":"applovin","status":"documented","role":"Class B shareholder and party to the Voting Agreement","period":"Since the April 2021 IPO; 1.6% of voting power as of March 31, 2026","claim_ids":["c-ctl-chen-2026","c-ctl-voting-agreement-2026","c-ctl-controlled-company","c-ctl-class-b-holders","c-ctl-insider-forms-2026","c-ctl-ipo-voting","c-ctl-holders-2022","c-ctl-holders-2025","c-ctl-foroughi-13g-2024"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"herald-chen → applovin: Class B shareholder and party to the Voting Agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vanguard-app","record":{"id":"r-vanguard-app","from":"vanguard","to":"applovin","status":"documented","role":"Holder above 5% of Class A (5.2% in 2022; 8.2% in an October 2025 filing); no shares reported as of March 13, 2026","period":"2022 – March 2026","claim_ids":["c-ctl-holders-2022","c-ctl-holders-2023","c-ctl-holders-2025","c-ctl-institutions-2026","c-ctl-institutions-later-2026"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"vanguard → applovin: Holder above 5% of Class A (5.2% in 2022; 8.2% in an October 2025 filing); no shares reported as of March 13, 2026 [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vcm-app","record":{"id":"r-vcm-app","from":"vanguard-capital-management","to":"applovin","status":"documented","role":"Holder of 19,337,914 Class A shares (6.29%)","period":"As of March 31, 2026","claim_ids":["c-ctl-institutions-later-2026"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"vanguard-capital-management → applovin: Holder of 19,337,914 Class A shares (6.29%) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-fmr-app","record":{"id":"r-fmr-app","from":"fmr","to":"applovin","status":"documented","role":"Holder of 15,691,414 Class A shares (5.1%)","period":"As of March 31, 2026","claim_ids":["c-ctl-institutions-later-2026"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"fmr → applovin: Holder of 15,691,414 Class A shares (5.1%) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-blackrock-app","record":{"id":"r-blackrock-app","from":"blackrock","to":"applovin","status":"documented","role":"Holder above 5% of Class A (5.4% in the 2025 proxy; 7.0% in an October 2025 filing)","period":"2025–2026","claim_ids":["c-ctl-holders-2025","c-ctl-institutions-2026"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"blackrock → applovin: Holder above 5% of Class A (5.4% in the 2025 proxy; 7.0% in an October 2025 filing) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-app-exchange","record":{"id":"r-chen-app-exchange","from":"herald-chen","to":"applovin","status":"documented","role":"Party to the Equity Exchange Right Agreement (Class A to Class B exchange)","period":"Since the April 2021 IPO","claim_ids":["c-rp-chen-exchange","c-rp-policy-2026"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"herald-chen → applovin: Party to the Equity Exchange Right Agreement (Class A to Class B exchange) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-foroughi-app-ira","record":{"id":"r-foroughi-app-ira","from":"adam-foroughi","to":"applovin","status":"documented","role":"Holder of registration rights under the Investor Rights Agreement","period":"In force per the 2026 proxy statement","claim_ids":["c-rp-investor-rights","c-rp-policy-2026"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"adam-foroughi → applovin: Holder of registration rights under the Investor Rights Agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-denali-app","record":{"id":"r-denali-app","from":"kkr-denali","to":"applovin","status":"documented","role":"Shareholder (Series A preferred from 2018, then Class A and Class B shares; Voting Agreement party until 2024)","period":"August 2018 – 2024 (no shares by December 31, 2024)","claim_ids":["c-kkr-series-a-2018","c-kkr-chen-signatory","c-kkr-ipo-chain","c-ctl-ipo-voting","c-ctl-holders-2022","c-ctl-holders-2023","c-ctl-foroughi-13g-2024","c-kkr-exit","c-hon-ira-2018","c-hon-culper-history"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kkr-denali → applovin: Shareholder (Series A preferred from 2018, then Class A and Class B shares; Voting Agreement party until 2024) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-denali-buyback","record":{"id":"r-app-denali-buyback","from":"applovin","to":"kkr-denali","status":"documented","role":"Repurchased Class A shares from KKR Denali ($335.0 million and $552.8 million in 2023; 10,466,397 shares in March 2024)","period":"May 2023 – March 2024","claim_ids":["c-kkr-exit"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → kkr-denali: Repurchased Class A shares from KKR Denali ($335.0 million and $552.8 million in 2023; 10,466,397 shares in March 2024) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-denali-app-board","record":{"id":"r-denali-app-board","from":"kkr-denali","to":"applovin","status":"documented","role":"Right to designate a director and approve an independent nominee (Series A designees from 2019; Director Nominations Agreement after the IPO)","period":"November 2019 – 2024","claim_ids":["c-kkr-board-rights","c-bd-oberwager"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kkr-denali → applovin: Right to designate a director and approve an independent nominee (Series A designees from 2019; Director Nominations Agreement after the IPO) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-denaligp-denali","record":{"id":"r-denaligp-denali","from":"kkr-denali-gp","to":"kkr-denali","status":"documented","role":"General partner","period":"As described in the 2018 agreement and the 2021 prospectus","claim_ids":["c-kkr-ipo-chain","c-kkr-chen-signatory"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kkr-denali-gp → kkr-denali: General partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-fund-denaligp","record":{"id":"r-fund-denaligp","from":"kkr-americas-fund-xii","to":"kkr-denali-gp","status":"documented","role":"Managing member of the general partner","period":"As described in the 2021 prospectus","claim_ids":["c-kkr-ipo-chain"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kkr-americas-fund-xii → kkr-denali-gp: Managing member of the general partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-kkrinc-denali","record":{"id":"r-kkrinc-denali","from":"kkr-co-inc","to":"kkr-denali","status":"documented","role":"Top of the chain of KKR entities that may be deemed to share beneficial ownership of KKR Denali's AppLovin shares","period":"As described in the 2021 prospectus","claim_ids":["c-kkr-ipo-chain"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kkr-co-inc → kkr-denali: Top of the chain of KKR entities that may be deemed to share beneficial ownership of KKR Denali's AppLovin shares [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-fund-app","record":{"id":"r-fund-app","from":"kkr-americas-fund-xii","to":"applovin","status":"documented","role":"Indirect holder of AppLovin voting shares through KKR Denali","period":"2018–2024; acquisition of additional voting shares on April 19, 2021 per the Justice Department complaint","claim_ids":["c-kkr-ipo-chain","c-kkr-hsr-applovin"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kkr-americas-fund-xii → applovin: Indirect holder of AppLovin voting shares through KKR Denali [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-kkrinc-kkrgp","record":{"id":"r-kkrinc-kkrgp","from":"kkr-co-inc","to":"kkr-co-gp-llc","status":"documented","role":"Owns and controls","period":"As described in the January 2025 complaint","claim_ids":["c-kkr-structure"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"kkr-co-inc → kkr-co-gp-llc: Owns and controls [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-kkrgp-kkr","record":{"id":"r-kkrgp-kkr","from":"kkr-co-gp-llc","to":"kkr","status":"documented","role":"Sole general partner","period":"As described in the January 2025 complaint","claim_ids":["c-kkr-structure"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"kkr-co-gp-llc → kkr: Sole general partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-kkr-app","record":{"id":"r-kkr-app","from":"kkr","to":"applovin","status":"documented","role":"Private-equity investor in AppLovin through KKR Denali Holdings","period":"2018–2024","claim_ids":["c-kkr-chen-led-investment","c-sh-culper-insider-sales"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"kkr → applovin: Private-equity investor in AppLovin through KKR Denali Holdings [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-kkrcm-app-credit","record":{"id":"r-kkrcm-app-credit","from":"kkr-capital-markets","to":"applovin","status":"documented","role":"Joint lead arranger and joint bookrunner of the 2018 Credit Agreement","period":"2018 – December 2024","claim_ids":["c-kkr-credit-agreement"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"kkr-capital-markets → applovin: Joint lead arranger and joint bookrunner of the 2018 Credit Agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-kkrcl-app","record":{"id":"r-kkrcl-app","from":"kkr-corporate-lending","to":"applovin","status":"documented","role":"Revolving-credit lender ($15.0 million commitment) under the 2018 Credit Agreement","period":"Until the agreement ended in December 2024","claim_ids":["c-kkr-credit-agreement"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"kkr-corporate-lending → applovin: Revolving-credit lender ($15.0 million commitment) under the 2018 Credit Agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-kkrcm-app-underwriting","record":{"id":"r-kkrcm-app-underwriting","from":"kkr-capital-markets","to":"applovin","status":"documented","role":"Underwriter of the April 2021 IPO and independent financial adviser on the December 2021 secondary offering","period":"April 2021 – March 2022","claim_ids":["c-kkr-capital-markets-fees"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"kkr-capital-markets → applovin: Underwriter of the April 2021 IPO and independent financial adviser on the December 2021 secondary offering [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-bofa-app","record":{"id":"r-bofa-app","from":"bofa-securities","to":"applovin","status":"documented","role":"Representative of the underwriters of KKR Denali's February 2024 secondary offering of AppLovin shares","period":"February – March 2024","claim_ids":["c-kkr-exit"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"bofa-securities → applovin: Representative of the underwriters of KKR Denali's February 2024 secondary offering of AppLovin shares [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-doj-kkrinc","record":{"id":"r-doj-kkrinc","from":"us-doj","to":"kkr-co-inc","status":"documented","role":"Plaintiff (for the United States) in a Hart-Scott-Rodino civil-penalty suit; proposed $250 million judgment against KKR & Co. GP LLC","period":"Complaint of January 14, 2025; proposed final judgment of August 26, 2026","claim_ids":["c-kkr-hsr-applovin","c-kkr-hsr-adjust"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"us-doj → kkr-co-inc: Plaintiff (for the United States) in a Hart-Scott-Rodino civil-penalty suit; proposed $250 million judgment against KKR & Co. GP LLC [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-doj-kkrgp","record":{"id":"r-doj-kkrgp","from":"us-doj","to":"kkr-co-gp-llc","status":"documented","role":"Plaintiff (for the United States) in the same suit; KKR & Co. GP LLC to pay the proposed $250 million penalty","period":"Complaint of January 14, 2025; proposed final judgment of August 26, 2026","claim_ids":["c-kkr-hsr-applovin","c-kkr-hsr-adjust"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"us-doj → kkr-co-gp-llc: Plaintiff (for the United States) in the same suit; KKR & Co. GP LLC to pay the proposed $250 million penalty [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-doj-kkr","record":{"id":"r-doj-kkr","from":"us-doj","to":"kkr","status":"documented","role":"Plaintiff (for the United States) in the same suit","period":"Complaint of January 14, 2025; proposed final judgment of August 26, 2026","claim_ids":["c-kkr-hsr-applovin","c-kkr-hsr-adjust"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"us-doj → kkr: Plaintiff (for the United States) in the same suit [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-doj-fund","record":{"id":"r-doj-fund","from":"us-doj","to":"kkr-americas-fund-xii","status":"documented","role":"Plaintiff (for the United States) in the same suit; counts 15 (AppLovin) and 16 (Adjust) name the fund","period":"Complaint of January 14, 2025; proposed final judgment of August 26, 2026","claim_ids":["c-kkr-hsr-applovin","c-kkr-hsr-adjust"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"us-doj → kkr-americas-fund-xii: Plaintiff (for the United States) in the same suit; counts 15 (AppLovin) and 16 (Adjust) name the fund [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-orient-app-2016","record":{"id":"r-orient-app-2016","from":"orient-hontai","to":"applovin","status":"reported","role":"Agreed to buy a majority stake at a $1.42 billion enterprise value; the purchase did not go ahead","period":"September 2016 – November 2017","claim_ids":["c-hon-2016-agreement","c-hon-2017-financing","c-hon-culper-history","c-hon-crypto-article-claim"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"orient-hontai → applovin: Agreed to buy a majority stake at a $1.42 billion enterprise value; the purchase did not go ahead [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-orient-app-financing","record":{"id":"r-orient-app-financing","from":"orient-hontai","to":"applovin","status":"reported","role":"Minority shareholder (9.98%, $140 million) and provider of $841 million of debt financing","period":"January 2017 – July 2018 (repayment date per Culper Research)","claim_ids":["c-hon-2017-financing","c-hon-culper-history"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"orient-hontai → applovin: Minority shareholder (9.98%, $140 million) and provider of $841 million of debt financing [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-orient-app-ira","record":{"id":"r-orient-app-ira","from":"orient-hontai","to":"applovin","status":"documented","role":"Named as 'Hontai GP' in AppLovin's Investors' Rights Agreement","period":"August 15, 2018","claim_ids":["c-hon-ira-2018"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"orient-hontai → applovin: Named as 'Hontai GP' in AppLovin's Investors' Rights Agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-orient-holdings","record":{"id":"r-orient-holdings","from":"orient-hontai","to":"applovin-holdings-llc","status":"documented","role":"Designated 'Hontai GP' of Applovin Holdings LLC ('Hontai') in the 2018 Investors' Rights Agreement","period":"August 15, 2018","claim_ids":["c-hon-ira-2018"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"orient-hontai → applovin-holdings-llc: Designated 'Hontai GP' of Applovin Holdings LLC ('Hontai') in the 2018 Investors' Rights Agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-holdings-app","record":{"id":"r-holdings-app","from":"applovin-holdings-llc","to":"applovin","status":"documented","role":"Investor party ('Hontai') to the 2018 Investors' Rights Agreement; transferred a warrant over AppLovin shares in January 2019","period":"August 2018 – January 2019","claim_ids":["c-hon-ira-2018","c-hon-yuntao-ma","c-hon-warrant-2019"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin-holdings-llc → applovin: Investor party ('Hontai') to the 2018 Investors' Rights Agreement; transferred a warrant over AppLovin shares in January 2019 [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-holdings-angel-warrant","record":{"id":"r-holdings-angel-warrant","from":"applovin-holdings-llc","to":"angel-pride","status":"documented","role":"Transferred a warrant over 26,021,583 AppLovin Class A shares","period":"January 3, 2019","claim_ids":["c-hon-warrant-2019"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin-holdings-llc → angel-pride: Transferred a warrant over 26,021,583 AppLovin Class A shares [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-holdings-fund-warrant","record":{"id":"r-holdings-fund-warrant","from":"applovin-holdings-llc","to":"hontai-app-fund","status":"documented","role":"Transferred a warrant over 8,794,734 AppLovin Class A shares","period":"January 3, 2019","claim_ids":["c-hon-warrant-2019"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin-holdings-llc → hontai-app-fund: Transferred a warrant over 8,794,734 AppLovin Class A shares [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-yuntao-holdings","record":{"id":"r-yuntao-holdings","from":"yuntao-ma","to":"applovin-holdings-llc","status":"documented","role":"Director (signatory of the 2018 Investors' Rights Agreement)","period":"August 2018","claim_ids":["c-hon-yuntao-ma"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"yuntao-ma → applovin-holdings-llc: Director (signatory of the 2018 Investors' Rights Agreement) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-yuntao-fund","record":{"id":"r-yuntao-fund","from":"yuntao-ma","to":"hontai-app-fund","status":"documented","role":"Authorised signatory","period":"2024 Schedule 13G amendment","claim_ids":["c-hon-yuntao-ma"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"yuntao-ma → hontai-app-fund: Authorised signatory [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-yuntao-hcc","record":{"id":"r-yuntao-hcc","from":"yuntao-ma","to":"hontai-capital-cayman","status":"documented","role":"Authorised signatory","period":"2024 Schedule 13G amendment","claim_ids":["c-hon-yuntao-ma"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"yuntao-ma → hontai-capital-cayman: Authorised signatory [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-yuntao-yunjoy","record":{"id":"r-yuntao-yunjoy","from":"yuntao-ma","to":"yunjoy","status":"documented","role":"Authorised signatory","period":"2024 Schedule 13G amendment","claim_ids":["c-hon-yuntao-ma"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"yuntao-ma → yunjoy: Authorised signatory [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-hontaifund-app","record":{"id":"r-hontaifund-app","from":"hontai-app-fund","to":"applovin","status":"documented","role":"Shareholder (14.1% of Class A before the IPO; all shares distributed to its limited partners by December 31, 2023)","period":"January 2019 – December 2023","claim_ids":["c-hon-fund-structure","c-hon-warrant-2019","c-ctl-holders-2022","c-ctl-holders-2023","c-hon-distribution-2023","c-hon-midterm-link-claim","c-ap-culper-control"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"hontai-app-fund → applovin: Shareholder (14.1% of Class A before the IPO; all shares distributed to its limited partners by December 31, 2023) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-hcc-fund","record":{"id":"r-hcc-fund","from":"hontai-capital-cayman","to":"hontai-app-fund","status":"documented","role":"General partner","period":"2021–2024 filings","claim_ids":["c-hon-fund-structure","c-hon-distribution-2023"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"hontai-capital-cayman → hontai-app-fund: General partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-yunjoy-hcc","record":{"id":"r-yunjoy-hcc","from":"yunjoy","to":"hontai-capital-cayman","status":"documented","role":"Controlling stockholder","period":"2021–2022 filings","claim_ids":["c-hon-fund-structure"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"yunjoy → hontai-capital-cayman: Controlling stockholder [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-angel-app","record":{"id":"r-angel-app","from":"angel-pride","to":"applovin","status":"documented","role":"Shareholder (14.0% of Class A before the IPO; 5.6% in the 2025 and 2026 proxy statements)","period":"Since January 2019 (warrant exercise); current per the 2026 proxy","claim_ids":["c-ap-ipo","c-ap-2023","c-ap-proxy-tables","c-ap-2024-transfer","c-ap-2025","c-ctl-institutions-2026","c-ctl-holders-2025","c-hon-warrant-2019","c-ap-culper-control","c-ap-culper-disclosure"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"angel-pride → applovin: Shareholder (14.0% of Class A before the IPO; 5.6% in the 2025 and 2026 proxy statements) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-prominence-angel","record":{"id":"r-prominence-angel","from":"prominence-trust","to":"angel-pride","status":"documented","role":"Sole shareholder","period":"From September 17, 2024","claim_ids":["c-ap-2024-transfer","c-ap-2025","c-ap-prominence","c-ap-signatory"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"prominence-trust → angel-pride: Sole shareholder [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-prominence-app","record":{"id":"r-prominence-app","from":"prominence-trust","to":"applovin","status":"documented","role":"Shares beneficial ownership of Angel Pride's Class A shares as its sole shareholder","period":"From September 17, 2024","claim_ids":["c-ap-2024-transfer","c-ap-2025"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"prominence-trust → applovin: Shares beneficial ownership of Angel Pride's Class A shares as its sole shareholder [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ling-angel","record":{"id":"r-ling-angel","from":"ling-tang","to":"angel-pride","status":"documented","role":"Shareholder and sole director, with voting and investment discretion over its AppLovin shares","period":"Named in filings from April 2021 until September 2024","claim_ids":["c-ap-ipo","c-ap-2023","c-ap-2024-transfer","c-ap-culper-disclosure"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"ling-tang → angel-pride: Shareholder and sole director, with voting and investment discretion over its AppLovin shares [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ling-app","record":{"id":"r-ling-app","from":"ling-tang","to":"applovin","status":"documented","role":"Beneficial owner of the Angel Pride shares (per her own filings)","period":"April 2021 – September 2024 (no shares reported from October 2024)","claim_ids":["c-ap-ipo","c-ap-2023","c-ap-2024-transfer"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"ling-tang → applovin: Beneficial owner of the Angel Pride shares (per her own filings) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ling-angel-reported","record":{"id":"r-ling-angel-reported","from":"ling-tang","to":"angel-pride","status":"reported","role":"Described as owner or controller of Angel Pride's stake by rich lists and a crypto-news article","period":"2025–2026 publications","claim_ids":["c-ap-rich-lists","c-hon-crypto-article-claim"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"ling-tang → angel-pride: Described as owner or controller of Angel Pride's stake by rich lists and a crypto-news article [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ling-app-reported","record":{"id":"r-ling-app-reported","from":"ling-tang","to":"applovin","status":"reported","role":"Described by rich lists as owner of about 5% of AppLovin through Angel Pride","period":"2025–2026 publications","claim_ids":["c-ap-rich-lists"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"ling-tang → applovin: Described by rich lists as owner of about 5% of AppLovin through Angel Pride [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-cheng-prominence","record":{"id":"r-cheng-prominence","from":"cheng-hong-wai","to":"prominence-trust","status":"documented","role":"Authorised signatory","period":"Schedule 13G amendments of October 2024 and January 2025","claim_ids":["c-ap-signatory"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"cheng-hong-wai → prominence-trust: Authorised signatory [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-cheng-angel","record":{"id":"r-cheng-angel","from":"cheng-hong-wai","to":"angel-pride","status":"documented","role":"Authorised signatory","period":"Schedule 13G amendments of October 2024 and January 2025","claim_ids":["c-ap-signatory"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"cheng-hong-wai → angel-pride: Authorised signatory [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-apic-angel","record":{"id":"r-apic-angel","from":"ap-investment-capital","to":"angel-pride","status":"documented","role":"Applied to register 'Angel Pride Holdings Limited' and 'Angel Pride' as trade marks in Hong Kong","period":"Applications of October 19, 2021","claim_ids":["c-ap-trademarks","c-ap-culper-control"],"kind":"other","direction":"directed","role_group":"associations","temporal_status":"unknown"},"reading":"ap-investment-capital → angel-pride: Applied to register 'Angel Pride Holdings Limited' and 'Angel Pride' as trade marks in Hong Kong [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-prominence-address","record":{"id":"r-tang-prominence-address","from":"hao-tang","to":"prominence-trust","status":"documented","role":"Same floor address in filings (18/F Three Exchange Square, Central)","period":"March 2020 and 2024–2025 filings","claim_ids":["c-ap-three-exchange-square"],"kind":"other","direction":"undirected","role_group":"associations","temporal_status":"unknown"},"reading":"hao-tang → prominence-trust: Same floor address in filings (18/F Three Exchange Square, Central) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-apic-prominence-address","record":{"id":"r-apic-prominence-address","from":"ap-investment-capital","to":"prominence-trust","status":"documented","role":"Same floor address in filings (18/F Three Exchange Square, Central)","period":"October 2021 and 2024–2025 filings","claim_ids":["c-ap-three-exchange-square"],"kind":"other","direction":"undirected","role_group":"associations","temporal_status":"unknown"},"reading":"ap-investment-capital → prominence-trust: Same floor address in filings (18/F Three Exchange Square, Central) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-apic-discovery-address","record":{"id":"r-apic-discovery-address","from":"ap-investment-capital","to":"discovery-key","status":"documented","role":"Same floor address in filings (18/F Three Exchange Square, Central)","period":"October 2021 and March 2020 filings","claim_ids":["c-ap-three-exchange-square"],"kind":"other","direction":"undirected","role_group":"associations","temporal_status":"unknown"},"reading":"ap-investment-capital → discovery-key: Same floor address in filings (18/F Three Exchange Square, Central) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-angel-jpmbank","record":{"id":"r-angel-jpmbank","from":"angel-pride","to":"jpmorgan-bank","status":"reported","role":"Chargor; JPMorgan Chase Bank, N.A. as secured party (collateral agent under a June 2, 2023 master confirmation; other charges per Culper Research)","period":"June 2, 2023 confirmation filed June 5, 2023; charges of January 2022 and August 2024 per Culper","claim_ids":["c-ap-bvi-confirmation-2023","c-ap-culper-charges"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"angel-pride → jpmorgan-bank: Chargor; JPMorgan Chase Bank, N.A. as secured party (collateral agent under a June 2, 2023 master confirmation; other charges per Culper Research) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-angel-jpmplc","record":{"id":"r-angel-jpmplc","from":"angel-pride","to":"jpm-securities-plc","status":"reported","role":"Counterparty to a master confirmation (described by Culper Research as a share forward)","period":"June 2, 2023","claim_ids":["c-ap-bvi-confirmation-2023"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"angel-pride → jpm-securities-plc: Counterparty to a master confirmation (described by Culper Research as a share forward) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-midterm-hsbc","record":{"id":"r-midterm-hsbc","from":"midterm-success","to":"hsbc","status":"reported","role":"Chargor of a charge registered by HSBC for a banking facility including margin trading (per Culper Research)","period":"April 2024","claim_ids":["c-ap-culper-charges"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"midterm-success → hsbc: Chargor of a charge registered by HSBC for a banking facility including margin trading (per Culper Research) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-app","record":{"id":"r-tang-app","from":"hao-tang","to":"applovin","status":"documented","role":"Beneficial owner of Class A shares through Midterm Success and Discovery Key (8.4% in September 2023; 4.0% at December 31, 2024)","period":"September 2023 – at least December 2024","claim_ids":["c-ht-2023-holding","c-ht-2025-holding","c-ht-press-stake-2026","c-ap-culper-disclosure","c-hon-midterm-link-claim","c-ht-extradition","c-ht-capitalwatch"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"hao-tang → applovin: Beneficial owner of Class A shares through Midterm Success and Discovery Key (8.4% in September 2023; 4.0% at December 31, 2024) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-midterm-app","record":{"id":"r-midterm-app","from":"midterm-success","to":"applovin","status":"documented","role":"Holder of record of Class A shares (23,167,242 in September 2023; 9,969,535 at December 31, 2024)","period":"September 2023 – at least December 2024","claim_ids":["c-ht-2023-holding","c-ht-2025-holding","c-hon-midterm-link-claim","c-ap-culper-disclosure"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"midterm-success → applovin: Holder of record of Class A shares (23,167,242 in September 2023; 9,969,535 at December 31, 2024) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-midterm-buyback","record":{"id":"r-app-midterm-buyback","from":"applovin","to":"midterm-success","status":"documented","role":"Repurchased 3,000,000 Class A shares at $60.74 (about $182 million) as a related-party transaction","period":"Agreement of March 7, 2024","claim_ids":["c-ht-repurchase-2024","c-ap-culper-disclosure"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → midterm-success: Repurchased 3,000,000 Class A shares at $60.74 (about $182 million) as a related-party transaction [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-discovery-app","record":{"id":"r-discovery-app","from":"discovery-key","to":"applovin","status":"documented","role":"Holder of record of 2,000,000 Class A shares","period":"As of December 31, 2024","claim_ids":["c-ht-2025-holding"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"discovery-key → applovin: Holder of record of 2,000,000 Class A shares [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-asian","record":{"id":"r-tang-asian","from":"hao-tang","to":"asian-creative","status":"documented","role":"Sole shareholder and director","period":"2023 and 2025 filings","claim_ids":["c-ht-2023-holding","c-ht-2025-holding"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"hao-tang → asian-creative: Sole shareholder and director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-asian-midterm","record":{"id":"r-asian-midterm","from":"asian-creative","to":"midterm-success","status":"documented","role":"Sole shareholder","period":"2023 filing","claim_ids":["c-ht-2023-holding"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"asian-creative → midterm-success: Sole shareholder [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-discovery","record":{"id":"r-tang-discovery","from":"hao-tang","to":"discovery-key","status":"documented","role":"Director (2020 filing) and sole shareholder (2025 filing)","period":"March 2020 and January 2025 filings","claim_ids":["c-ht-2025-holding","c-ht-stars-group","c-ht-stars-statement"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"hao-tang → discovery-key: Director (2020 filing) and sole shareholder (2025 filing) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-uptrend","record":{"id":"r-tang-uptrend","from":"hao-tang","to":"uptrend-trade","status":"documented","role":"Director","period":"March 2020 filing","claim_ids":["c-ht-stars-group","c-ht-stars-statement"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"hao-tang → uptrend-trade: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-stars","record":{"id":"r-tang-stars","from":"hao-tang","to":"stars-group","status":"documented","role":"Shareholder (119,700 shares, 0.08%)","period":"As of the March 2020 filing","claim_ids":["c-ht-stars-group"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"hao-tang → stars-group: Shareholder (119,700 shares, 0.08%) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-discovery-stars","record":{"id":"r-discovery-stars","from":"discovery-key","to":"stars-group","status":"documented","role":"Bought shares on the market; held none by March 2020","period":"July 2017 – March 2020","claim_ids":["c-ht-stars-group"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"discovery-key → stars-group: Bought shares on the market; held none by March 2020 [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-xuanhui-midterm","record":{"id":"r-xuanhui-midterm","from":"xuanhui-liu","to":"midterm-success","status":"documented","role":"Director (signatory of the 2023 Schedule 13G)","period":"October 2023","claim_ids":["c-ht-2023-holding"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"xuanhui-liu → midterm-success: Director (signatory of the 2023 Schedule 13G) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-shum-midterm","record":{"id":"r-shum-midterm","from":"kevin-shum","to":"midterm-success","status":"documented","role":"Authorised signatory","period":"January 2025 Schedule 13G amendment","claim_ids":["c-ht-2025-holding"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"kevin-shum → midterm-success: Authorised signatory [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-shum-asian","record":{"id":"r-shum-asian","from":"kevin-shum","to":"asian-creative","status":"documented","role":"Authorised signatory","period":"January 2025 Schedule 13G amendment","claim_ids":["c-ht-2025-holding"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"kevin-shum → asian-creative: Authorised signatory [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-shum-discovery","record":{"id":"r-shum-discovery","from":"kevin-shum","to":"discovery-key","status":"documented","role":"Authorised signatory","period":"January 2025 Schedule 13G amendment","claim_ids":["c-ht-2025-holding"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"kevin-shum → discovery-key: Authorised signatory [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-goldenway","record":{"id":"r-tang-goldenway","from":"hao-tang","to":"goldenway-inc","status":"documented","role":"Former chief executive (employment agreement of September 30, 2011) and beneficial owner of 71%","period":"As of December 31, 2012","claim_ids":["c-ht-goldenway-2012","c-ht-goldenway-group","c-ht-culper-goldenway"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"hao-tang → goldenway-inc: Former chief executive (employment agreement of September 30, 2011) and beneficial owner of 71% [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-fenton","record":{"id":"r-tang-fenton","from":"hao-tang","to":"fenton-capital","status":"documented","role":"Sole beneficiary of The Fenton Trust, which controls Fenton Capital","period":"2012 report and January 2020 announcement","claim_ids":["c-ht-goldenway-2012","c-ht-fenton-2020"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"hao-tang → fenton-capital: Sole beneficiary of The Fenton Trust, which controls Fenton Capital [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-montclair-fenton","record":{"id":"r-montclair-fenton","from":"montclair-trustees","to":"fenton-capital","status":"documented","role":"Trustee of The Fenton Trust, controlling 100% of Fenton Capital","period":"January 2020 announcement","claim_ids":["c-ht-fenton-2020"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"montclair-trustees → fenton-capital: Trustee of The Fenton Trust, controlling 100% of Fenton Capital [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-fenton-gih","record":{"id":"r-fenton-gih","from":"fenton-capital","to":"goldenway-investments-holdings","status":"documented","role":"Sole owner","period":"2012 report and January 2020 announcement","claim_ids":["c-ht-goldenway-2012","c-ht-fenton-2020"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"fenton-capital → goldenway-investments-holdings: Sole owner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-gih-goldenway","record":{"id":"r-gih-goldenway","from":"goldenway-investments-holdings","to":"goldenway-inc","status":"documented","role":"Holder of 10,408,301 shares (71%)","period":"As of December 31, 2012","claim_ids":["c-ht-goldenway-2012"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"goldenway-investments-holdings → goldenway-inc: Holder of 10,408,301 shares (71%) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-gih-gihk","record":{"id":"r-gih-gihk","from":"goldenway-investments-holdings","to":"goldenway-investments-hk","status":"documented","role":"Owner of 90%, sold under the January 2020 agreement","period":"Until 2020","claim_ids":["c-ht-fenton-2020"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"goldenway-investments-holdings → goldenway-investments-hk: Owner of 90%, sold under the January 2020 agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-goldenway-uk","record":{"id":"r-goldenway-uk","from":"goldenway-inc","to":"goldenway-uk","status":"documented","role":"Parent (wholly owned subsidiary in the 2012 report)","period":"As of December 31, 2012","claim_ids":["c-ht-goldenway-group","c-ht-culper-goldenway"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"goldenway-inc → goldenway-uk: Parent (wholly owned subsidiary in the 2012 report) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-goldenway-pm","record":{"id":"r-goldenway-pm","from":"goldenway-inc","to":"goldenway-pm","status":"documented","role":"Parent (wholly owned subsidiary in the 2012 report)","period":"As of December 31, 2012","claim_ids":["c-ht-goldenway-group"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"goldenway-inc → goldenway-pm: Parent (wholly owned subsidiary in the 2012 report) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-gpm-guk","record":{"id":"r-gpm-guk","from":"goldenway-pm","to":"goldenway-uk","status":"documented","role":"Controlling shareholder; sole owner per the 2023 judgment","period":"2017 notice and 2023 judgment","claim_ids":["c-ht-fca-2017","c-ht-tribunal-2023"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"goldenway-pm → goldenway-uk: Controlling shareholder; sole owner per the 2023 judgment [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-shenzhen","record":{"id":"r-tang-shenzhen","from":"hao-tang","to":"shenzhen-gateway","status":"documented","role":"Holder of 29%","period":"As of the 2012 report","claim_ids":["c-ht-goldenway-group"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"hao-tang → shenzhen-gateway: Holder of 29% [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tang-jpm","record":{"id":"r-tang-jpm","from":"hao-tang","to":"jpmorgan-chase","status":"reported","role":"Former private-banking client; relationship ended according to a March 2026 press report","period":"Ended before March 2026","claim_ids":["c-ht-jpmorgan"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"hao-tang → jpmorgan-chase: Former private-banking client; relationship ended according to a March 2026 press report [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-foroughi-app-ceo","record":{"id":"r-foroughi-app-ceo","from":"adam-foroughi","to":"applovin","status":"documented","role":"Co-founder, chief executive officer and director (board chair March 2021 – April 2, 2026)","period":"Since December 2011","claim_ids":["c-bd-foroughi","c-bd-officers-2026","c-bd-board-2026","c-bd-board-ipo","c-bd-board-2022-2024","c-bd-transitions-2026","c-bd-late-form4","c-ctl-founders","c-hon-2016-agreement","c-hon-2017-financing","c-hon-culper-history","c-deal-apps-sale","c-sh-ceo-note","c-sh-muddy-waters","c-sh-culper-china"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"adam-foroughi → applovin: Co-founder, chief executive officer and director (board chair March 2021 – April 2, 2026) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-foroughi-buyback","record":{"id":"r-app-foroughi-buyback","from":"applovin","to":"adam-foroughi","status":"documented","role":"Repurchased 2,475,000 Class A shares for a $10.0 million promissory note (repaid December 2021)","period":"December 2019 – December 2021","claim_ids":["c-rp-repurchases-2019"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → adam-foroughi: Repurchased 2,475,000 Class A shares for a $10.0 million promissory note (repaid December 2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-foroughi-safedk","record":{"id":"r-foroughi-safedk","from":"adam-foroughi","to":"safedk","status":"reported","role":"Director (per an Israeli register extract in a third-party copy)","period":"Since July 8, 2020","claim_ids":["c-st-safedk-registry"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"adam-foroughi → safedk: Director (per an Israeli register extract in a third-party copy) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-foroughi-lifestreet","record":{"id":"r-foroughi-lifestreet","from":"adam-foroughi","to":"lifestreet","status":"documented","role":"Co-founder","period":"Before AppLovin","claim_ids":["c-bd-foroughi","c-bd-social-hour-network"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"adam-foroughi → lifestreet: Co-founder [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-foroughi-socialhour","record":{"id":"r-foroughi-socialhour","from":"adam-foroughi","to":"social-hour","status":"documented","role":"Co-founder","period":"Before AppLovin","claim_ids":["c-bd-foroughi","c-bd-social-hour-network","c-sh-foroughi-background"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"adam-foroughi → social-hour: Co-founder [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-app","record":{"id":"r-chen-app","from":"herald-chen","to":"applovin","status":"documented","role":"Director (since August 2018); president and chief financial officer (November 2019 – December 2023); adviser to the CEO in 2024","period":"Since August 2018","claim_ids":["c-bd-chen","c-bd-board-2026","c-bd-board-ipo","c-bd-board-2022-2024","c-bd-chen-transition","c-kkr-series-a-2018"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"herald-chen → applovin: Director (since August 2018); president and chief financial officer (November 2019 – December 2023); adviser to the CEO in 2024 [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-app-loan","record":{"id":"r-chen-app-loan","from":"herald-chen","to":"applovin","status":"documented","role":"Borrowed $12,120,000 under a promissory note to exercise options early (repaid February 2021)","period":"November 2019 – February 2021","claim_ids":["c-rp-officer-loans"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"herald-chen → applovin: Borrowed $12,120,000 under a promissory note to exercise options early (repaid February 2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-chen-buyback","record":{"id":"r-app-chen-buyback","from":"applovin","to":"herald-chen","status":"documented","role":"Repurchased 153,541 shares for $12.3 million","period":"February 2021","claim_ids":["c-rp-repurchases-2021"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → herald-chen: Repurchased 153,541 shares for $12.3 million [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-kkr","record":{"id":"r-chen-kkr","from":"herald-chen","to":"kkr","status":"documented","role":"Head of technology, media and telecom investing; led KKR's investment in AppLovin","period":"April 2007 – October 2019","claim_ids":["c-bd-chen","c-kkr-chen-led-investment","c-kkr-series-a-2018"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"herald-chen → kkr: Head of technology, media and telecom investing; led KKR's investment in AppLovin [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-denali","record":{"id":"r-chen-denali","from":"herald-chen","to":"kkr-denali","status":"documented","role":"Limited partner","period":"Disclosed in the 2021 prospectus","claim_ids":["c-kkr-series-a-2018"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"herald-chen → kkr-denali: Limited partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-denaligp","record":{"id":"r-chen-denaligp","from":"herald-chen","to":"kkr-denali-gp","status":"documented","role":"President (signed AppLovin's 2018 Investors' Rights Agreement for KKR Denali)","period":"August 15, 2018","claim_ids":["c-kkr-chen-signatory"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"herald-chen → kkr-denali-gp: President (signed AppLovin's 2018 Investors' Rights Agreement for KKR Denali) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-godaddy","record":{"id":"r-chen-godaddy","from":"herald-chen","to":"godaddy","status":"documented","role":"Director","period":"Since 2014 (SEC insider register from April 2015)","claim_ids":["c-bd-chen","c-bd-chen-other-boards","c-kkr-chen-led-investment"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"herald-chen → godaddy: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-internetbrands","record":{"id":"r-chen-internetbrands","from":"herald-chen","to":"internet-brands","status":"documented","role":"Director","period":"Current per the 2026 proxy","claim_ids":["c-bd-chen"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"herald-chen → internet-brands: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-kodak","record":{"id":"r-chen-kodak","from":"herald-chen","to":"eastman-kodak","status":"documented","role":"Director","period":"From December 2009 (SEC insider register)","claim_ids":["c-bd-chen"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"herald-chen → eastman-kodak: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-wj","record":{"id":"r-chen-wj","from":"herald-chen","to":"wj-communications","status":"documented","role":"Director","period":"From January 2006 (SEC insider register)","claim_ids":["c-bd-chen"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"herald-chen → wj-communications: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-bmc","record":{"id":"r-chen-bmc","from":"herald-chen","to":"bmc","status":"documented","role":"Former chair of the board","period":"Before 2026 (dates not given)","claim_ids":["c-bd-chen-other-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"herald-chen → bmc: Former chair of the board [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-optiv","record":{"id":"r-chen-optiv","from":"herald-chen","to":"optiv","status":"documented","role":"Former chair of the board","period":"Before 2026 (dates not given)","claim_ids":["c-bd-chen-other-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"herald-chen → optiv: Former chair of the board [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-epicor","record":{"id":"r-chen-epicor","from":"herald-chen","to":"epicor","status":"documented","role":"Former chair of the board","period":"Before 2026 (dates not given)","claim_ids":["c-bd-chen-other-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"herald-chen → epicor: Former chair of the board [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-chen-geewa","record":{"id":"r-chen-geewa","from":"herald-chen","to":"geewa","status":"documented","role":"Member of the board of directors","period":"October 5, 2021 – August 4, 2022","claim_ids":["c-deal-geewa-board"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"herald-chen → geewa: Member of the board of directors [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-billings-app","record":{"id":"r-billings-app","from":"craig-billings","to":"applovin","status":"documented","role":"Director; lead independent director from February 2021; independent chair from April 2, 2026","period":"Since December 2020","claim_ids":["c-bd-billings","c-bd-board-2026","c-bd-board-ipo","c-bd-board-2022-2024","c-bd-transitions-2026"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"craig-billings → applovin: Director; lead independent director from February 2021; independent chair from April 2, 2026 [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-billings-wynn","record":{"id":"r-billings-wynn","from":"craig-billings","to":"wynn-resorts","status":"documented","role":"Chief executive officer and director (since February 2022); earlier chief financial officer and treasurer (from March 2017) and president (2019–2021)","period":"Since March 2017","claim_ids":["c-bd-billings","c-bd-billings-wynn-page"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"craig-billings → wynn-resorts: Chief executive officer and director (since February 2022); earlier chief financial officer and treasurer (from March 2017) and president (2019–2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-billings-wynnmacau","record":{"id":"r-billings-wynnmacau","from":"craig-billings","to":"wynn-macau","status":"documented","role":"Director","period":"Since August 2018","claim_ids":["c-bd-billings"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"craig-billings → wynn-macau: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-billings-nyx","record":{"id":"r-billings-nyx","from":"craig-billings","to":"nyx","status":"documented","role":"Non-executive chairman","period":"December 2015 – January 2018","claim_ids":["c-bd-billings","c-bd-billings-wynn-page"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"craig-billings → nyx: Non-executive chairman [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-billings-aristocrat","record":{"id":"r-billings-aristocrat","from":"craig-billings","to":"aristocrat","status":"documented","role":"Chief digital officer","period":"Earlier career (dates not given)","claim_ids":["c-bd-billings-wynn-page"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"craig-billings → aristocrat: Chief digital officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-app","record":{"id":"r-georgiadis-app","from":"margaret-georgiadis","to":"applovin","status":"documented","role":"Independent director (approved by KKR Denali as independent nominee under the Director Nominations Agreement)","period":"Since January 2021","claim_ids":["c-bd-georgiadis","c-bd-board-2026","c-bd-board-ipo","c-bd-board-2022-2024","c-kkr-board-rights"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"margaret-georgiadis → applovin: Independent director (approved by KKR Denali as independent nominee under the Director Nominations Agreement) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-app-dsp","record":{"id":"r-georgiadis-app-dsp","from":"margaret-georgiadis","to":"applovin","status":"documented","role":"Bought 3,600 shares through the IPO's directed share programme","period":"April 2021","claim_ids":["c-rp-directed-shares"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"margaret-georgiadis → applovin: Bought 3,600 shares through the IPO's directed share programme [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-flagship","record":{"id":"r-georgiadis-flagship","from":"margaret-georgiadis","to":"flagship","status":"documented","role":"CEO-Partner","period":"Since April 2022","claim_ids":["c-bd-georgiadis"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"margaret-georgiadis → flagship: CEO-Partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-mcdonalds","record":{"id":"r-georgiadis-mcdonalds","from":"margaret-georgiadis","to":"mcdonalds","status":"documented","role":"Director","period":"Current per the 2026 proxy","claim_ids":["c-bd-georgiadis"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"margaret-georgiadis → mcdonalds: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-mattel","record":{"id":"r-georgiadis-mattel","from":"margaret-georgiadis","to":"mattel","status":"documented","role":"Chief executive officer and director","period":"2017–2018 (SEC insider register from February 2017)","claim_ids":["c-bd-georgiadis"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"margaret-georgiadis → mattel: Chief executive officer and director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-amyris","record":{"id":"r-georgiadis-amyris","from":"margaret-georgiadis","to":"amyris","status":"documented","role":"Director","period":"From December 2015 (SEC insider register)","claim_ids":["c-bd-georgiadis"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"margaret-georgiadis → amyris: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-jones","record":{"id":"r-georgiadis-jones","from":"margaret-georgiadis","to":"jones-group","status":"documented","role":"Director","period":"From February 2009 (SEC insider register)","claim_ids":["c-bd-georgiadis"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"margaret-georgiadis → jones-group: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-discover","record":{"id":"r-georgiadis-discover","from":"margaret-georgiadis","to":"discover","status":"documented","role":"Executive vice president and chief marketing officer","period":"2004–2008 (SEC insider register entry from June 2007)","claim_ids":["c-bd-georgiadis"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"margaret-georgiadis → discover: Executive vice president and chief marketing officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-gc","record":{"id":"r-georgiadis-gc","from":"margaret-georgiadis","to":"general-catalyst","status":"documented","role":"Endurance Partner-in-Residence","period":"2021–2022","claim_ids":["c-bd-georgiadis"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"margaret-georgiadis → general-catalyst: Endurance Partner-in-Residence [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-ancestry","record":{"id":"r-georgiadis-ancestry","from":"margaret-georgiadis","to":"ancestry","status":"documented","role":"President and chief executive officer","period":"2018–2020 (to January 2021 per a business directory)","claim_ids":["c-bd-georgiadis"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"margaret-georgiadis → ancestry: President and chief executive officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-google","record":{"id":"r-georgiadis-google","from":"margaret-georgiadis","to":"google","status":"documented","role":"President, Google Americas","period":"2009–2017 (from September 2011 to February 2017 per a business directory)","claim_ids":["c-bd-georgiadis"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"margaret-georgiadis → google: President, Google Americas [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-georgiadis-bluesage","record":{"id":"r-georgiadis-bluesage","from":"margaret-georgiadis","to":"blue-sage","status":"documented","role":"Shares voting and dispositive power with her spouse over its AppLovin shares","period":"As of March 31, 2026","claim_ids":["c-ctl-director-holdings-2026"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"margaret-georgiadis → blue-sage: Shares voting and dispositive power with her spouse over its AppLovin shares [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-bluesage-app","record":{"id":"r-bluesage-app","from":"blue-sage","to":"applovin","status":"documented","role":"Holder of 154,500 Class A shares counted for Margaret Georgiadis","period":"As of March 31, 2026","claim_ids":["c-ctl-director-holdings-2026"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"blue-sage → applovin: Holder of 154,500 Class A shares counted for Margaret Georgiadis [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-messing-app","record":{"id":"r-messing-app","from":"barbara-messing","to":"applovin","status":"documented","role":"Independent director","period":"Since March 2024","claim_ids":["c-bd-messing","c-bd-board-2026","c-bd-board-2022-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"barbara-messing → applovin: Independent director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-messing-stripes","record":{"id":"r-messing-stripes","from":"barbara-messing","to":"stripes","status":"documented","role":"Operating partner","period":"Since January 2026","claim_ids":["c-bd-messing"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"barbara-messing → stripes: Operating partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-messing-roblox","record":{"id":"r-messing-roblox","from":"barbara-messing","to":"roblox","status":"documented","role":"Chief marketing officer","period":"August 2020 – December 2023","claim_ids":["c-bd-messing"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"barbara-messing → roblox: Chief marketing officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-messing-vacasa","record":{"id":"r-messing-vacasa","from":"barbara-messing","to":"vacasa","status":"documented","role":"Director","period":"2021–2025","claim_ids":["c-bd-messing"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"barbara-messing → vacasa: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-messing-overstock","record":{"id":"r-messing-overstock","from":"barbara-messing","to":"overstock","status":"documented","role":"Director","period":"2020–2023","claim_ids":["c-bd-messing"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"barbara-messing → overstock: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-messing-xo","record":{"id":"r-messing-xo","from":"barbara-messing","to":"xo-group","status":"documented","role":"Director","period":"Earlier (dates not given)","claim_ids":["c-bd-messing"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"barbara-messing → xo-group: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-morgenfeld-app","record":{"id":"r-morgenfeld-app","from":"todd-morgenfeld","to":"applovin","status":"documented","role":"Independent director","period":"Since September 5, 2023","claim_ids":["c-bd-morgenfeld","c-bd-board-2026","c-bd-board-2022-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"todd-morgenfeld → applovin: Independent director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-morgenfeld-pinterest","record":{"id":"r-morgenfeld-pinterest","from":"todd-morgenfeld","to":"pinterest","status":"documented","role":"Chief financial officer (from November 2016) and head of business operations (May 2020 – July 2023)","period":"November 2016 – July 2023","claim_ids":["c-bd-morgenfeld","c-bd-morgenfeld-pinterest-suit"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"todd-morgenfeld → pinterest: Chief financial officer (from November 2016) and head of business operations (May 2020 – July 2023) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-morgenfeld-twitter","record":{"id":"r-morgenfeld-twitter","from":"todd-morgenfeld","to":"twitter","status":"documented","role":"Vice president of finance","period":"2015–2016","claim_ids":["c-bd-morgenfeld"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"todd-morgenfeld → twitter: Vice president of finance [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-morgenfeld-hp","record":{"id":"r-morgenfeld-hp","from":"todd-morgenfeld","to":"hp","status":"documented","role":"Treasurer and senior vice president","period":"2013–2015","claim_ids":["c-bd-morgenfeld"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"todd-morgenfeld → hp: Treasurer and senior vice president [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-morgenfeld-silverlake","record":{"id":"r-morgenfeld-silverlake","from":"todd-morgenfeld","to":"silver-lake","status":"documented","role":"Investment partner","period":"2004–2013","claim_ids":["c-bd-morgenfeld"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"todd-morgenfeld → silver-lake: Investment partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-morgenfeld-urban","record":{"id":"r-morgenfeld-urban","from":"todd-morgenfeld","to":"urban-outfitters","status":"documented","role":"Director","period":"Current per the 2026 proxy","claim_ids":["c-bd-morgenfeld"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"todd-morgenfeld → urban-outfitters: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-morgenfeld-axon","record":{"id":"r-morgenfeld-axon","from":"todd-morgenfeld","to":"axon","status":"documented","role":"Director","period":"Current per the 2026 proxy","claim_ids":["c-bd-morgenfeld"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"todd-morgenfeld → axon: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vivas-app","record":{"id":"r-vivas-app","from":"eduardo-vivas","to":"applovin","status":"documented","role":"Director","period":"Since August 2018","claim_ids":["c-bd-vivas","c-bd-board-2026","c-bd-board-ipo","c-bd-board-2022-2024","c-bd-late-form4","c-ctl-vivas-forward"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"eduardo-vivas → applovin: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vivas-app-shares","record":{"id":"r-vivas-app-shares","from":"eduardo-vivas","to":"applovin","status":"documented","role":"Shareholder (5.9% of Class A before the IPO; 2.3% as of March 31, 2026; 550,000 shares pledged under a 2025 prepaid forward)","period":"Before April 2021 to the present","claim_ids":["c-ctl-ipo-other-holders","c-ctl-director-holdings-2026","c-ctl-vivas-forward"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"eduardo-vivas → applovin: Shareholder (5.9% of Class A before the IPO; 2.3% as of March 31, 2026; 550,000 shares pledged under a 2025 prepaid forward) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-vivas-buyback","record":{"id":"r-app-vivas-buyback","from":"applovin","to":"eduardo-vivas","status":"documented","role":"Repurchased 300,000 Class A shares for a $1.2 million promissory note (repaid December 2021)","period":"December 2019 – December 2021","claim_ids":["c-rp-repurchases-2019"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → eduardo-vivas: Repurchased 300,000 Class A shares for a $1.2 million promissory note (repaid December 2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vivas-humans","record":{"id":"r-vivas-humans","from":"eduardo-vivas","to":"humans-inc","status":"documented","role":"Chief operating officer, director and holder of more than 5%","period":"March 2024 – September 2025","claim_ids":["c-bd-vivas","c-rp-humans","c-rp-humans-outcome"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"eduardo-vivas → humans-inc: Chief operating officer, director and holder of more than 5% [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vivas-curated","record":{"id":"r-vivas-curated","from":"eduardo-vivas","to":"curated","status":"documented","role":"Co-founder and chief executive","period":"2017–2024","claim_ids":["c-bd-vivas","c-rp-humans"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"eduardo-vivas → curated: Co-founder and chief executive [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vivas-bright","record":{"id":"r-vivas-bright","from":"eduardo-vivas","to":"bright","status":"documented","role":"Co-founder and chief product officer","period":"2011–2014","claim_ids":["c-bd-vivas"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"eduardo-vivas → bright: Co-founder and chief product officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vivas-cookie","record":{"id":"r-vivas-cookie","from":"eduardo-vivas","to":"cookie-monster","status":"documented","role":"Owner","period":"During the 2020–2022 agreement with AppLovin","claim_ids":["c-rp-cookie-monster"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"eduardo-vivas → cookie-monster: Owner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vivas-socialhour","record":{"id":"r-vivas-socialhour","from":"eduardo-vivas","to":"social-hour","status":"reported","role":"Co-founder (per a 2014 press profile)","period":"Before 2012","claim_ids":["c-bd-social-hour-network"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"eduardo-vivas → social-hour: Co-founder (per a 2014 press profile) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-webb-app","record":{"id":"r-webb-app","from":"maynard-webb","to":"applovin","status":"documented","role":"Independent director (audit and nominating and corporate governance committees)","period":"Since April 9, 2025","claim_ids":["c-bd-webb","c-bd-board-2026"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"maynard-webb → applovin: Independent director (audit and nominating and corporate governance committees) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-webb-win","record":{"id":"r-webb-win","from":"maynard-webb","to":"webb-investment-network","status":"documented","role":"Founder; shares voting and dispositive power over its AppLovin shares with his spouse","period":"Since 2010","claim_ids":["c-bd-webb","c-ctl-director-holdings-2026","c-bd-webb-seed"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"maynard-webb → webb-investment-network: Founder; shares voting and dispositive power over its AppLovin shares with his spouse [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-win-app","record":{"id":"r-win-app","from":"webb-investment-network","to":"applovin","status":"documented","role":"Holder of 147,516 Class A shares counted for Maynard Webb (2026); seed-round investor according to a 2014 press article","period":"Seed round (per the press) and as of March 31, 2026","claim_ids":["c-ctl-director-holdings-2026","c-bd-webb-seed"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"webb-investment-network → applovin: Holder of 147,516 Class A shares counted for Maynard Webb (2026); seed-round investor according to a 2014 press article [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-webb-salesforce","record":{"id":"r-webb-salesforce","from":"maynard-webb","to":"salesforce","status":"documented","role":"Director","period":"Since September 2006","claim_ids":["c-bd-webb"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"maynard-webb → salesforce: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-webb-visa","record":{"id":"r-webb-visa","from":"maynard-webb","to":"visa","status":"documented","role":"Director","period":"Current per the 2025 appointment filing","claim_ids":["c-bd-webb"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"maynard-webb → visa: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-webb-liveops","record":{"id":"r-webb-liveops","from":"maynard-webb","to":"liveops","status":"documented","role":"Chief executive (2006–2011) and chair (2008–2013)","period":"2006–2013","claim_ids":["c-bd-webb"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"maynard-webb → liveops: Chief executive (2006–2011) and chair (2008–2013) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-webb-ebay","record":{"id":"r-webb-ebay","from":"maynard-webb","to":"ebay","status":"documented","role":"Chief operating officer","period":"2002–2006","claim_ids":["c-bd-webb"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"maynard-webb → ebay: Chief operating officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-webb-yahoo","record":{"id":"r-webb-yahoo","from":"maynard-webb","to":"yahoo","status":"documented","role":"Chair of the board","period":"Until 2017","claim_ids":["c-bd-webb"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"maynard-webb → yahoo: Chair of the board [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-valenzuela-app","record":{"id":"r-valenzuela-app","from":"victoria-valenzuela","to":"applovin","status":"documented","role":"Chief legal officer (from May 2020), chief administrative and legal officer (from July 2025) and corporate secretary; retired August 1, 2026, then consultant","period":"May 2020 – August 1, 2026","claim_ids":["c-bd-valenzuela","c-bd-officers-2026","c-bd-board-ipo","c-bd-transitions-2026"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"victoria-valenzuela → applovin: Chief legal officer (from May 2020), chief administrative and legal officer (from July 2025) and corporate secretary; retired August 1, 2026, then consultant [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-valenzuela-app-board","record":{"id":"r-valenzuela-app-board","from":"victoria-valenzuela","to":"applovin","status":"documented","role":"Director","period":"Since June 3, 2026","claim_ids":["c-bd-board-2026","c-bd-transitions-2026"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"victoria-valenzuela → applovin: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-valenzuela-app-loan","record":{"id":"r-valenzuela-app-loan","from":"victoria-valenzuela","to":"applovin","status":"documented","role":"Borrowed $4,863,343 under a promissory note to exercise options early (repaid February 2021)","period":"July 2020 – February 2021","claim_ids":["c-rp-officer-loans"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"victoria-valenzuela → applovin: Borrowed $4,863,343 under a promissory note to exercise options early (repaid February 2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-valenzuela-buyback","record":{"id":"r-app-valenzuela-buyback","from":"applovin","to":"victoria-valenzuela","status":"documented","role":"Repurchased 60,968 shares for $4.9 million","period":"February 2021","claim_ids":["c-rp-repurchases-2021"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → victoria-valenzuela: Repurchased 60,968 shares for $4.9 million [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-valenzuela-mz","record":{"id":"r-valenzuela-mz","from":"victoria-valenzuela","to":"machine-zone","status":"documented","role":"Chief legal officer and corporate secretary","period":"January 2015 – April 2020","claim_ids":["c-bd-valenzuela"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"victoria-valenzuela → machine-zone: Chief legal officer and corporate secretary [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-valenzuela-cypress","record":{"id":"r-valenzuela-cypress","from":"victoria-valenzuela","to":"cypress","status":"documented","role":"General counsel and corporate secretary","period":"2004–2014","claim_ids":["c-bd-valenzuela"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"victoria-valenzuela → cypress: General counsel and corporate secretary [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-shikin-app","record":{"id":"r-shikin-app","from":"vasily-shikin","to":"applovin","status":"documented","role":"Vice president of engineering (from January 2012), chief technology officer (January 2020 – July 1, 2026), then non-executive Distinguished Engineer","period":"Since January 2012","claim_ids":["c-bd-shikin","c-bd-officers-2026","c-bd-board-ipo","c-bd-transitions-2026"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"vasily-shikin → applovin: Vice president of engineering (from January 2012), chief technology officer (January 2020 – July 1, 2026), then non-executive Distinguished Engineer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-shikin-app-shares","record":{"id":"r-shikin-app-shares","from":"vasily-shikin","to":"applovin","status":"documented","role":"Shareholder (1.2% of Class A including options)","period":"As of March 31, 2026","claim_ids":["c-ctl-director-holdings-2026"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"vasily-shikin → applovin: Shareholder (1.2% of Class A including options) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-shikin-app-loan","record":{"id":"r-shikin-app-loan","from":"vasily-shikin","to":"applovin","status":"documented","role":"Borrowed $505,200 and $503,000 under promissory notes to exercise options early (repaid February 2021)","period":"March 2019 – February 2021","claim_ids":["c-rp-officer-loans"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"vasily-shikin → applovin: Borrowed $505,200 and $503,000 under promissory notes to exercise options early (repaid February 2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-shikin-deviceanywhere","record":{"id":"r-shikin-deviceanywhere","from":"vasily-shikin","to":"deviceanywhere","status":"documented","role":"Senior software engineer","period":"2008–2012","claim_ids":["c-bd-shikin"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"vasily-shikin → deviceanywhere: Senior software engineer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-stumpf-app","record":{"id":"r-stumpf-app","from":"matthew-stumpf","to":"applovin","status":"documented","role":"Chief financial officer (since January 2024); finance roles from February 2020","period":"Since February 2020","claim_ids":["c-bd-stumpf","c-bd-officers-2026","c-bd-chen-transition"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"matthew-stumpf → applovin: Chief financial officer (since January 2024); finance roles from February 2020 [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-stumpf-pwc","record":{"id":"r-stumpf-pwc","from":"matthew-stumpf","to":"pwc","status":"documented","role":"Transaction services director (most recent role)","period":"2006–2020","claim_ids":["c-bd-stumpf"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"matthew-stumpf → pwc: Transaction services director (most recent role) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-dorosh-app","record":{"id":"r-dorosh-app","from":"dmitriy-dorosh","to":"applovin","status":"documented","role":"Vice president and controller (since September 2022); principal accounting officer (since January 2024)","period":"Since November 2019","claim_ids":["c-bd-dorosh","c-bd-chen-transition"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"dmitriy-dorosh → applovin: Vice president and controller (since September 2022); principal accounting officer (since January 2024) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-dorosh-pwc","record":{"id":"r-dorosh-pwc","from":"dmitriy-dorosh","to":"pwc","status":"documented","role":"Accounting career","period":"2007–2017","claim_ids":["c-bd-dorosh"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"dmitriy-dorosh → pwc: Accounting career [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ge-app","record":{"id":"r-ge-app","from":"giovanni-ge","to":"applovin","status":"documented","role":"Chief product and engineering officer; chief technology officer from July 1, 2026","period":"Current","claim_ids":["c-bd-transitions-2026","c-bd-ge-cacovean"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"giovanni-ge → applovin: Chief product and engineering officer; chief technology officer from July 1, 2026 [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-cacovean-app","record":{"id":"r-cacovean-app","from":"corina-cacovean","to":"applovin","status":"documented","role":"Deputy general counsel; chief legal officer from August 1, 2026","period":"Current","claim_ids":["c-bd-transitions-2026","c-bd-ge-cacovean"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"corina-cacovean → applovin: Deputy general counsel; chief legal officer from August 1, 2026 [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-jansen-app","record":{"id":"r-jansen-app","from":"katie-jansen","to":"applovin","status":"documented","role":"Chief marketing officer","period":"October 2012 – March 14, 2025","claim_ids":["c-bd-jansen","c-bd-board-ipo"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"katie-jansen → applovin: Chief marketing officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-jansen-app-loan","record":{"id":"r-jansen-app-loan","from":"katie-jansen","to":"applovin","status":"documented","role":"Borrowed $503,000, $673,600 and $1,464,000 under promissory notes to exercise options early (repaid February 2021)","period":"2019 – February 2021","claim_ids":["c-rp-officer-loans"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"katie-jansen → applovin: Borrowed $503,000, $673,600 and $1,464,000 under promissory notes to exercise options early (repaid February 2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-arutunian-app","record":{"id":"r-arutunian-app","from":"elena-arutunian","to":"applovin","status":"documented","role":"Chief accounting officer and principal accounting officer","period":"April 2021 – August 2022","claim_ids":["c-bd-arutunian","c-bd-board-ipo"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"elena-arutunian → applovin: Chief accounting officer and principal accounting officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-hd-app","record":{"id":"r-hd-app","from":"alyssa-harvey-dawson","to":"applovin","status":"documented","role":"Director","period":"November 8, 2021 – June 3, 2026","claim_ids":["c-bd-harvey-dawson","c-bd-board-2026","c-bd-board-2022-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"alyssa-harvey-dawson → applovin: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-hd-hubspot","record":{"id":"r-hd-hubspot","from":"alyssa-harvey-dawson","to":"hubspot","status":"documented","role":"Chief legal officer","period":"Since November 2022","claim_ids":["c-bd-harvey-dawson"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"alyssa-harvey-dawson → hubspot: Chief legal officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-hd-gusto","record":{"id":"r-hd-gusto","from":"alyssa-harvey-dawson","to":"gusto","status":"documented","role":"Chief legal officer","period":"2020–2022","claim_ids":["c-bd-harvey-dawson"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"alyssa-harvey-dawson → gusto: Chief legal officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-hd-sidewalk","record":{"id":"r-hd-sidewalk","from":"alyssa-harvey-dawson","to":"sidewalk-labs","status":"documented","role":"General counsel","period":"2017–2020","claim_ids":["c-bd-harvey-dawson"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"alyssa-harvey-dawson → sidewalk-labs: General counsel [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-hd-harman","record":{"id":"r-hd-harman","from":"alyssa-harvey-dawson","to":"harman","status":"documented","role":"Vice president for global intellectual property","period":"2011–2017","claim_ids":["c-bd-harvey-dawson"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"alyssa-harvey-dawson → harman: Vice president for global intellectual property [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sharma-app","record":{"id":"r-sharma-app","from":"asha-sharma","to":"applovin","status":"documented","role":"Director","period":"August 2021 – September 5, 2023","claim_ids":["c-bd-sharma","c-bd-board-2022-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"asha-sharma → applovin: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sharma-maplebear","record":{"id":"r-sharma-maplebear","from":"asha-sharma","to":"maplebear","status":"documented","role":"Chief operating officer","period":"Since February 2021","claim_ids":["c-bd-sharma"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"asha-sharma → maplebear: Chief operating officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sharma-porch-job","record":{"id":"r-sharma-porch-job","from":"asha-sharma","to":"porch","status":"documented","role":"Chief operating officer","period":"2013–2017","claim_ids":["c-bd-sharma"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"asha-sharma → porch: Chief operating officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sharma-porch-board","record":{"id":"r-sharma-porch-board","from":"asha-sharma","to":"porch","status":"documented","role":"Director","period":"Since December 2020 (SEC insider register from June 2021)","claim_ids":["c-bd-sharma"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"asha-sharma → porch: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sharma-helpscout","record":{"id":"r-sharma-helpscout","from":"asha-sharma","to":"help-scout","status":"documented","role":"Director","period":"Earlier (dates not given)","claim_ids":["c-bd-sharma"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"asha-sharma → help-scout: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sharma-coupang","record":{"id":"r-sharma-coupang","from":"asha-sharma","to":"coupang","status":"documented","role":"Director","period":"From June 2024 (SEC insider register)","claim_ids":["c-bd-sharma"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"asha-sharma → coupang: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sharma-homedepot","record":{"id":"r-sharma-homedepot","from":"asha-sharma","to":"home-depot","status":"documented","role":"Director","period":"From May 2025 (SEC insider register)","claim_ids":["c-bd-sharma"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"asha-sharma → home-depot: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-oberwager-app","record":{"id":"r-oberwager-app","from":"edward-oberwager","to":"applovin","status":"documented","role":"Director (designee of KKR Denali)","period":"November 2019 – 2025 annual meeting","claim_ids":["c-bd-oberwager","c-bd-board-ipo","c-bd-board-2022-2024","c-kkr-board-rights"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"edward-oberwager → applovin: Director (designee of KKR Denali) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-oberwager-kkr","record":{"id":"r-oberwager-kkr","from":"edward-oberwager","to":"kkr","status":"documented","role":"Managing director in the private equity business","period":"Since 2008","claim_ids":["c-bd-oberwager","c-bd-oberwager-fanduel"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"edward-oberwager → kkr: Managing director in the private equity business [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-oberwager-fanduel","record":{"id":"r-oberwager-fanduel","from":"edward-oberwager","to":"fanduel","status":"reported","role":"Director (appointed by KKR, per the plaintiffs as summarised by the court)","period":"2015 – July 2018 merger","claim_ids":["c-bd-oberwager-fanduel"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"edward-oberwager → fanduel: Director (appointed by KKR, per the plaintiffs as summarised by the court) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sun-app","record":{"id":"r-sun-app","from":"cathy-sun","to":"applovin","status":"documented","role":"Director (designee of the Series A preferred holders)","period":"November 2019 – November 8, 2021","claim_ids":["c-bd-sun","c-bd-board-ipo","c-kkr-board-rights"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"cathy-sun → applovin: Director (designee of the Series A preferred holders) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sun-app-job","record":{"id":"r-sun-app-job","from":"cathy-sun","to":"applovin","status":"documented","role":"GM, New Initiatives","period":"From November 8, 2021","claim_ids":["c-bd-sun"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"cathy-sun → applovin: GM, New Initiatives [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sun-kkr","record":{"id":"r-sun-kkr","from":"cathy-sun","to":"kkr","status":"documented","role":"Director at KKR","period":"From September 2016","claim_ids":["c-bd-sun"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"cathy-sun → kkr: Director at KKR [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-sun-internetbrands","record":{"id":"r-sun-internetbrands","from":"cathy-sun","to":"internet-brands","status":"documented","role":"Director","period":"From March 2020","claim_ids":["c-bd-sun"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"cathy-sun → internet-brands: Director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-krystynak-app","record":{"id":"r-krystynak-app","from":"john-krystynak","to":"applovin","status":"documented","role":"Co-founder and shareholder (13.0% of Class A before the IPO; 7.0% in March 2023)","period":"From the founding; 10% owner from April 14, 2021","claim_ids":["c-ctl-founders","c-ctl-holders-2022","c-ctl-holders-2023","c-bd-founders-later"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"john-krystynak → applovin: Co-founder and shareholder (13.0% of Class A before the IPO; 7.0% in March 2023) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-karam-app","record":{"id":"r-karam-app","from":"andrew-karam","to":"applovin","status":"documented","role":"Co-founder and shareholder (11.8% of Class A before the IPO; 4.4% at September 30, 2024)","period":"From the founding in 2012; 10% owner from April 14, 2021","claim_ids":["c-ctl-founders","c-ctl-holders-2022","c-ctl-holders-2023","c-bd-founders-later","c-bd-late-form4"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"andrew-karam → applovin: Co-founder and shareholder (11.8% of Class A before the IPO; 4.4% at September 30, 2024) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-karam-socialhour","record":{"id":"r-karam-socialhour","from":"andrew-karam","to":"social-hour","status":"reported","role":"Co-founder (per an online encyclopedia and a short seller)","period":"Before AppLovin","claim_ids":["c-bd-social-hour-network","c-sh-foroughi-background"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"andrew-karam → social-hour: Co-founder (per an online encyclopedia and a short seller) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-karam-spc","record":{"id":"r-karam-spc","from":"andrew-karam","to":"south-park-commons","status":"reported","role":"Adviser","period":"Current per the community website","claim_ids":["c-bd-founders-later"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrew-karam → south-park-commons: Adviser [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-rvivas-app","record":{"id":"r-rvivas-app","from":"rafael-vivas","to":"applovin","status":"documented","role":"Employee (former president of Lion Studios; vice president of global business development, e-commerce)","period":"Employed in 2025 and 2026","claim_ids":["c-rp-rafael-vivas","c-rp-policy-2026","c-rp-lion-studios"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"rafael-vivas → applovin: Employee (former president of Lion Studios; vice president of global business development, e-commerce) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-rvivas-app-loan","record":{"id":"r-rvivas-app-loan","from":"rafael-vivas","to":"applovin","status":"documented","role":"Borrowed $2.3 million under a promissory note to exercise options early (repaid March 2024)","period":"March 2019 – March 2024","claim_ids":["c-rp-rafael-vivas"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"rafael-vivas → applovin: Borrowed $2.3 million under a promissory note to exercise options early (repaid March 2024) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-rvivas-evivas","record":{"id":"r-rvivas-evivas","from":"rafael-vivas","to":"eduardo-vivas","status":"documented","role":"Brothers","period":"Disclosed in the proxy statements","claim_ids":["c-rp-rafael-vivas"],"kind":"family","direction":"undirected","role_group":"associations","temporal_status":"unknown"},"reading":"rafael-vivas → eduardo-vivas: Brothers [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-rvivas-lion","record":{"id":"r-rvivas-lion","from":"rafael-vivas","to":"lion-studios","status":"reported","role":"President","period":"From the July 2018 launch","claim_ids":["c-rp-lion-studios"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"rafael-vivas → lion-studios: President [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-cookie","record":{"id":"r-app-cookie","from":"applovin","to":"cookie-monster","status":"documented","role":"Published one of its games under a game assignment and revenue-share agreement ($0.7 million paid in 2021, $0.2 million in 2022)","period":"From October 2020","claim_ids":["c-rp-cookie-monster"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → cookie-monster: Published one of its games under a game assignment and revenue-share agreement ($0.7 million paid in 2021, $0.2 million in 2022) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-humans","record":{"id":"r-app-humans","from":"applovin","to":"humans-inc","status":"documented","role":"Investor ($50 million in Series C preferred, about 4.1%; written off in 2025) and commercial partner","period":"February 2024 – 2025","claim_ids":["c-rp-humans","c-rp-humans-outcome"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → humans-inc: Investor ($50 million in Series C preferred, about 4.1%; written off in 2025) and commercial partner [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-curated-humans","record":{"id":"r-curated-humans","from":"curated","to":"humans-inc","status":"documented","role":"Merged with Flip Shop (Humans, Inc.)","period":"March 27, 2024","claim_ids":["c-rp-humans"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"curated → humans-inc: Merged with Flip Shop (Humans, Inc.) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-adjust","record":{"id":"r-app-adjust","from":"applovin","to":"adjust-gmbh","status":"documented","role":"Owner of 100% (agreement of February 2, 2021; acquired April 20, 2021)","period":"Since April 2021","claim_ids":["c-deal-adjust","c-deal-ipo-summary","c-deal-list-2025","c-st-ex21-2021","c-st-ex21-2022","c-st-ex21-2024","c-st-adjust-management","c-lg-tpc-allegations","c-kkr-hsr-adjust","c-sh-fuzzy-panda-adjust"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"applovin → adjust-gmbh: Owner of 100% (agreement of February 2, 2021; acquired April 20, 2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-active-adjust","record":{"id":"r-active-adjust","from":"applovin-active-holdings","to":"adjust-gmbh","status":"documented","role":"Buyer of all shares under the amended share purchase agreement","period":"March – April 2021","claim_ids":["c-deal-adjust"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin-active-holdings → adjust-gmbh: Buyer of all shares under the amended share purchase agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-spree-app","record":{"id":"r-spree-app","from":"spree-eternity","to":"applovin","status":"documented","role":"Party to the amended Adjust share purchase agreement","period":"March 12, 2021","claim_ids":["c-deal-adjust"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"spree-eternity → applovin: Party to the amended Adjust share purchase agreement [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-active","record":{"id":"r-app-active","from":"applovin","to":"applovin-active-holdings","status":"documented","role":"Parent (United States subsidiary)","period":"Listed for 2021, 2022 and 2024","claim_ids":["c-st-ex21-2021","c-st-ex21-2022","c-st-ex21-2024","c-deal-adjust"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"applovin → applovin-active-holdings: Parent (United States subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-singapore","record":{"id":"r-app-singapore","from":"applovin","to":"applovin-singapore","status":"documented","role":"Parent (Singapore subsidiary)","period":"Listed for 2024 and 2025","claim_ids":["c-st-ex21-2024"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"applovin → applovin-singapore: Parent (Singapore subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-sgtech1","record":{"id":"r-app-sgtech1","from":"applovin","to":"applovin-sg-tech-1","status":"reported","role":"Parent according to a business directory","period":"Incorporated December 20, 2024; struck off January 26, 2026","claim_ids":["c-st-singapore-tech"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"applovin → applovin-sg-tech-1: Parent according to a business directory [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-gmbh","record":{"id":"r-app-gmbh","from":"applovin","to":"applovin-gmbh","status":"documented","role":"Parent (German subsidiary; a seller in the 2025 Apps sale)","period":"Listed for 2021; seller in 2025","claim_ids":["c-st-ex21-2021","c-deal-apps-sale","c-st-applovin-gmbh"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"applovin → applovin-gmbh: Parent (German subsidiary; a seller in the 2025 Apps sale) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ross-gmbh","record":{"id":"r-ross-gmbh","from":"dominik-ross","to":"applovin-gmbh","status":"reported","role":"Managing director (earlier authorised signatory)","period":"Current per an aggregator","claim_ids":["c-st-applovin-gmbh"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"dominik-ross → applovin-gmbh: Managing director (earlier authorised signatory) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-gmbh-algaming","record":{"id":"r-gmbh-algaming","from":"applovin-gmbh","to":"al-gaming","status":"reported","role":"Owner","period":"2025, before the Apps sale","claim_ids":["c-deal-studios-after-sale"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"applovin-gmbh → al-gaming: Owner [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tgh-algaming","record":{"id":"r-tgh-algaming","from":"tripledot-group-holdings","to":"al-gaming","status":"reported","role":"Owner of 100%","period":"After the June 2025 sale","claim_ids":["c-deal-studios-after-sale"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"tripledot-group-holdings → al-gaming: Owner of 100% [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-morocco","record":{"id":"r-app-morocco","from":"applovin","to":"morocco","status":"documented","role":"Parent (merger vehicle for Machine Zone; a seller in the 2025 Apps sale)","period":"Listed for 2021 and 2022; seller in 2025","claim_ids":["c-deal-machine-zone","c-deal-apps-sale","c-st-ex21-2021","c-st-ex21-2022"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → morocco: Parent (merger vehicle for Machine Zone; a seller in the 2025 Apps sale) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-mz","record":{"id":"r-app-mz","from":"applovin","to":"machine-zone","status":"documented","role":"Owner of 100% (acquired by merger on May 19, 2020)","period":"May 2020 – July 2025","claim_ids":["c-deal-machine-zone","c-deal-ipo-summary","c-deal-list-2025","c-st-ex21-2021","c-st-ex21-2022","c-deal-studios-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"applovin → machine-zone: Owner of 100% (acquired by merger on May 19, 2020) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tripledot-mz","record":{"id":"r-tripledot-mz","from":"tripledot","to":"machine-zone","status":"reported","role":"Parent (Machine Zone described as a Tripledot subsidiary)","period":"From July 1, 2025","claim_ids":["c-deal-studios-after-sale"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"tripledot → machine-zone: Parent (Machine Zone described as a Tripledot subsidiary) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-geewa","record":{"id":"r-app-geewa","from":"applovin","to":"geewa","status":"documented","role":"Sole shareholder","period":"January 31, 2020 – August 4, 2022","claim_ids":["c-deal-geewa-2020","c-deal-geewa-exit","c-st-ex21-2021","c-deal-studios-2021","c-deal-geewa-board"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"applovin → geewa: Sole shareholder [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-vendetera-geewa","record":{"id":"r-vendetera-geewa","from":"vendetera","to":"geewa","status":"documented","role":"Sole shareholder","period":"From August 4, 2022","claim_ids":["c-deal-geewa-exit"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"vendetera → geewa: Sole shareholder [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-desanto-vendetera","record":{"id":"r-desanto-vendetera","from":"ryan-de-santo","to":"vendetera","status":"documented","role":"Sole shareholder and managing director","period":"From July 2022","claim_ids":["c-deal-geewa-exit"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"ryan-de-santo → vendetera: Sole shareholder and managing director [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-desanto-geewa","record":{"id":"r-desanto-geewa","from":"ryan-de-santo","to":"geewa","status":"documented","role":"Board member (from October 2021); single-member administrative board (August 2022 – September 2025)","period":"October 2021 – September 2025","claim_ids":["c-deal-geewa-exit"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"ryan-de-santo → geewa: Board member (from October 2021); single-member administrative board (August 2022 – September 2025) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-redemption","record":{"id":"r-app-redemption","from":"applovin","to":"redemption-games","status":"documented","role":"Majority owner (95.5% from April 6, 2020; 98.2% from November 2020)","period":"From April 2020","claim_ids":["c-deal-redemption","c-st-ex21-2021","c-deal-studios-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → redemption-games: Majority owner (95.5% from April 6, 2020; 98.2% from November 2020) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-peoplefun","record":{"id":"r-app-peoplefun","from":"applovin","to":"peoplefun","status":"documented","role":"Owner of 100% (acquired March 31, 2018)","period":"From March 2018; listed for 2021 and 2022","claim_ids":["c-deal-peoplefun","c-deal-ipo-summary","c-st-ex21-2021","c-st-ex21-2022","c-deal-studios-2021","c-sh-culper-installs"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → peoplefun: Owner of 100% (acquired March 31, 2018) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-max","record":{"id":"r-app-max","from":"applovin","to":"max-advertising","status":"documented","role":"Owner of 100% (acquired September 4, 2018)","period":"From September 2018","claim_ids":["c-deal-max","c-deal-ipo-summary"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → max-advertising: Owner of 100% (acquired September 4, 2018) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-safedk","record":{"id":"r-app-safedk","from":"applovin","to":"safedk","status":"documented","role":"Owner (acquired July 2019; sole shareholder in the Israeli register from November 18, 2021); its product continues as Ad Review","period":"Since July 2019","claim_ids":["c-deal-2019-companies","c-deal-ipo-summary","c-st-ex21-2021","c-st-safedk-registry","c-lg-unity"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"applovin → safedk: Owner (acquired July 2019; sole shareholder in the Israeli register from November 18, 2021); its product continues as Ad Review [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-clipwire","record":{"id":"r-app-clipwire","from":"applovin","to":"clipwire","status":"documented","role":"Owner (acquired November 2019)","period":"From November 2019; listed for 2021 and 2022","claim_ids":["c-deal-2019-companies","c-st-ex21-2021","c-st-ex21-2022","c-deal-studios-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → clipwire: Owner (acquired November 2019) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-samfinaco","record":{"id":"r-app-samfinaco","from":"applovin","to":"samfinaco","status":"documented","role":"Parent (Cyprus subsidiary)","period":"Listed for 2021","claim_ids":["c-deal-samfinaco","c-st-ex21-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → samfinaco: Parent (Cyprus subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-lion","record":{"id":"r-app-lion","from":"applovin","to":"lion-studios","status":"documented","role":"Parent (publishing division launched July 2018)","period":"From 2018; listed for 2021 and 2022","claim_ids":["c-rp-lion-studios","c-deal-studios-2021","c-st-ex21-2021","c-st-ex21-2022"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → lion-studios: Parent (publishing division launched July 2018) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-zenlifesg","record":{"id":"r-app-zenlifesg","from":"applovin","to":"zenlife-sg","status":"documented","role":"Parent (studio listed as owned or partner studio in 2021)","period":"Listed for 2021 and 2022","claim_ids":["c-deal-studios-2021","c-st-ex21-2021","c-st-ex21-2022"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → zenlife-sg: Parent (studio listed as owned or partner studio in 2021) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-zenlifecy","record":{"id":"r-app-zenlifecy","from":"applovin","to":"zenlife-cy","status":"documented","role":"Parent (Cyprus subsidiary)","period":"Listed for 2021 and 2022","claim_ids":["c-deal-studios-2021","c-st-ex21-2021","c-st-ex21-2022"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → zenlife-cy: Parent (Cyprus subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-magictavern","record":{"id":"r-app-magictavern","from":"applovin","to":"magic-tavern","status":"documented","role":"Partner studio in 2021; subsidiary in the 2022 list","period":"2021–2022","claim_ids":["c-deal-studios-2021","c-st-ex21-2022"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → magic-tavern: Partner studio in 2021; subsidiary in the 2022 list [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-gu-magictavern","record":{"id":"r-gu-magictavern","from":"charlie-gu","to":"magic-tavern","status":"documented","role":"Founder and chairman","period":"As quoted in the 2021 prospectus","claim_ids":["c-deal-studios-2021"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"charlie-gu → magic-tavern: Founder and chairman [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-cyprus","record":{"id":"r-app-cyprus","from":"applovin","to":"applovin-cyprus","status":"documented","role":"Parent (Cyprus subsidiary)","period":"Listed for 2021 and 2022","claim_ids":["c-st-ex21-2021","c-st-ex21-2022"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → applovin-cyprus: Parent (Cyprus subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-alhk","record":{"id":"r-app-alhk","from":"applovin","to":"al-hk","status":"documented","role":"Parent (Hong Kong subsidiary)","period":"Listed in AppLovin's subsidiary list for 2021","claim_ids":["c-st-ex21-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → al-hk: Parent (Hong Kong subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-cayman","record":{"id":"r-app-cayman","from":"applovin","to":"applovin-cayman","status":"documented","role":"Parent (Cayman Islands subsidiary)","period":"Listed in AppLovin's subsidiary list for 2021","claim_ids":["c-st-ex21-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → applovin-cayman: Parent (Cayman Islands subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-corporate","record":{"id":"r-app-corporate","from":"applovin","to":"applovin-corporate","status":"documented","role":"Parent (Cayman Islands subsidiary)","period":"Listed in AppLovin's subsidiary list for 2021","claim_ids":["c-st-ex21-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → applovin-corporate: Parent (Cayman Islands subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-unbotify","record":{"id":"r-app-unbotify","from":"applovin","to":"unbotify","status":"documented","role":"Parent (indirect, through Adjust; Israeli subsidiary)","period":"Listed in AppLovin's subsidiary list for 2021","claim_ids":["c-st-ex21-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → unbotify: Parent (indirect, through Adjust; Israeli subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-adeven","record":{"id":"r-app-adeven","from":"applovin","to":"adeven-israel","status":"documented","role":"Parent (indirect, through Adjust; Israeli subsidiary)","period":"Listed in AppLovin's subsidiary list for 2021","claim_ids":["c-st-ex21-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → adeven-israel: Parent (indirect, through Adjust; Israeli subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-adjint","record":{"id":"r-app-adjint","from":"applovin","to":"adjust-international","status":"documented","role":"Parent (indirect, through Adjust; German subsidiary)","period":"Listed in AppLovin's subsidiary list for 2021","claim_ids":["c-st-ex21-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → adjust-international: Parent (indirect, through Adjust; German subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-adjsw","record":{"id":"r-app-adjsw","from":"applovin","to":"adjust-software-ltd","status":"documented","role":"Parent (indirect, through Adjust; England subsidiary)","period":"Listed in AppLovin's subsidiary list for 2021","claim_ids":["c-st-ex21-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → adjust-software-ltd: Parent (indirect, through Adjust; England subsidiary) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-wurl","record":{"id":"r-app-wurl","from":"applovin","to":"wurl-inc","status":"documented","role":"Owner of 100% (acquired April 1, 2022)","period":"From April 2022","claim_ids":["c-deal-wurl","c-deal-list-2025","c-st-wurl-llc"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → wurl-inc: Owner of 100% (acquired April 1, 2022) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-wurlllc","record":{"id":"r-app-wurlllc","from":"applovin","to":"wurl-llc","status":"documented","role":"Parent (subsidiary in the 2022 list; registered in California at AppLovin's Palo Alto office)","period":"From July 2022","claim_ids":["c-st-ex21-2022","c-st-wurl-llc"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"applovin → wurl-llc: Parent (subsidiary in the 2022 list; registered in California at AppLovin's Palo Alto office) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-adjust-adjint","record":{"id":"r-adjust-adjint","from":"adjust-gmbh","to":"adjust-international","status":"documented","role":"Parent (100%)","period":"Registered August 21, 2019; dissolved later","claim_ids":["c-st-adjust-group-2020"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"adjust-gmbh → adjust-international: Parent (100%) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-adjust-adeven","record":{"id":"r-adjust-adeven","from":"adjust-gmbh","to":"adeven-israel","status":"documented","role":"Parent (100%)","period":"As of the 2020 statements","claim_ids":["c-st-adjust-group-2020"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"adjust-gmbh → adeven-israel: Parent (100%) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-adjust-unbotify","record":{"id":"r-adjust-unbotify","from":"adjust-gmbh","to":"unbotify","status":"documented","role":"Owner of 100% (acquired January 28, 2019 for EUR 16.9 million plus contingent consideration)","period":"From January 2019","claim_ids":["c-st-unbotify","c-st-adjust-group-2020"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"adjust-gmbh → unbotify: Owner of 100% (acquired January 28, 2019 for EUR 16.9 million plus contingent consideration) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-adjust-adjsw","record":{"id":"r-adjust-adjsw","from":"adjust-gmbh","to":"adjust-software-ltd","status":"reported","role":"Parent of the British subsidiary (listed as Adeven Software Ltd. in the 2020 statements)","period":"As of the 2020 statements","claim_ids":["c-st-adjust-group-2020"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"adjust-gmbh → adjust-software-ltd: Parent of the British subsidiary (listed as Adeven Software Ltd. in the 2020 statements) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-mueller-adjust","record":{"id":"r-mueller-adjust","from":"paul-mueller","to":"adjust-gmbh","status":"documented","role":"Managing director (management board)","period":"2012–2022","claim_ids":["c-st-adjust-management","c-st-adjust-management-now"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"paul-mueller → adjust-gmbh: Managing director (management board) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-henschel-adjust","record":{"id":"r-henschel-adjust","from":"christian-henschel","to":"adjust-gmbh","status":"documented","role":"Managing director (management board)","period":"2012 – October 2021","claim_ids":["c-st-adjust-management"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"christian-henschel → adjust-gmbh: Managing director (management board) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-mueller-adjint","record":{"id":"r-mueller-adjint","from":"paul-mueller","to":"adjust-international","status":"reported","role":"Managing director","period":"2019–2022","claim_ids":["c-st-adjust-management","c-st-adjust-international"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"paul-mueller → adjust-international: Managing director [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-henschel-adjint","record":{"id":"r-henschel-adjint","from":"christian-henschel","to":"adjust-international","status":"reported","role":"Managing director","period":"August 21, 2019 – May 11, 2021","claim_ids":["c-st-adjust-management","c-st-adjust-international"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"christian-henschel → adjust-international: Managing director [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-henschel-adjsw","record":{"id":"r-henschel-adjsw","from":"christian-henschel","to":"adjust-software-ltd","status":"reported","role":"Director","period":"2012 – May 2021","claim_ids":["c-st-henschel-other"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"christian-henschel → adjust-software-ltd: Director [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-henschel-spree","record":{"id":"r-henschel-spree","from":"christian-henschel","to":"spree-eternity","status":"reported","role":"Managing director","period":"Since 2012","claim_ids":["c-st-henschel-other"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"christian-henschel → spree-eternity: Managing director [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-kazakov-adjust","record":{"id":"r-kazakov-adjust","from":"andrey-kazakov","to":"adjust-gmbh","status":"reported","role":"Managing director","period":"Current per an aggregator","claim_ids":["c-st-adjust-management-now"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrey-kazakov → adjust-gmbh: Managing director [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-lukomsky-adjust","record":{"id":"r-lukomsky-adjust","from":"egor-lukomsky","to":"adjust-gmbh","status":"reported","role":"Managing director","period":"Current per an aggregator","claim_ids":["c-st-adjust-management-now"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"egor-lukomsky → adjust-gmbh: Managing director [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-keitel-adjust","record":{"id":"r-keitel-adjust","from":"marina-keitel","to":"adjust-gmbh","status":"reported","role":"Managing director (former)","period":"Dates not given","claim_ids":["c-st-adjust-management-now"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"marina-keitel → adjust-gmbh: Managing director (former) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-phm-adjust","record":{"id":"r-phm-adjust","from":"phm-equity","to":"adjust-gmbh","status":"reported","role":"Shareholder (6.3%)","period":"2020","claim_ids":["c-st-adjust-management-now"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"phm-equity → adjust-gmbh: Shareholder (6.3%) [reported]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-tripledot-sale","record":{"id":"r-app-tripledot-sale","from":"applovin","to":"tripledot","status":"documented","role":"Sold the Apps business to Tripledot for $715.6 million in cash and Tripledot shares","period":"Agreement of May 7, 2025; closed June 30, 2025","claim_ids":["c-deal-apps-sale"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → tripledot: Sold the Apps business to Tripledot for $715.6 million in cash and Tripledot shares [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-tripledot","record":{"id":"r-app-tripledot","from":"applovin","to":"tripledot","status":"documented","role":"Shareholder (about 22% of shares, equity method; Tripledot a related party and advertising customer)","period":"Since June 30, 2025","claim_ids":["c-deal-tripledot-related","c-deal-apps-sale"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"applovin → tripledot: Shareholder (about 22% of shares, equity method; Tripledot a related party and advertising customer) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-eton","record":{"id":"r-app-eton","from":"applovin","to":"eton-games","status":"documented","role":"Seller of the Apps business (Eton Games, a Tripledot subsidiary, as buyer)","period":"Agreement of May 7, 2025","claim_ids":["c-deal-apps-sale"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → eton-games: Seller of the Apps business (Eton Games, a Tripledot subsidiary, as buyer) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-tgh","record":{"id":"r-app-tgh","from":"applovin","to":"tripledot-group-holdings","status":"documented","role":"Seller of the Apps business (Tripledot Group Holdings Limited as buyer)","period":"Agreement of May 7, 2025","claim_ids":["c-deal-apps-sale"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → tripledot-group-holdings: Seller of the Apps business (Tripledot Group Holdings Limited as buyer) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-tds","record":{"id":"r-app-tds","from":"applovin","to":"tds-group-holdings","status":"documented","role":"Seller of the Apps business (buyer named TDS Group Holdings Limited in the June 2025 amendment)","period":"Amendment of June 30, 2025","claim_ids":["c-deal-apps-sale"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → tds-group-holdings: Seller of the Apps business (buyer named TDS Group Holdings Limited in the June 2025 amendment) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tripledot-eton","record":{"id":"r-tripledot-eton","from":"tripledot","to":"eton-games","status":"documented","role":"Parent","period":"As of the May 2025 agreement","claim_ids":["c-deal-apps-sale"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"tripledot → eton-games: Parent [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tripledot-tgh","record":{"id":"r-tripledot-tgh","from":"tripledot","to":"tripledot-group-holdings","status":"documented","role":"Parent","period":"As of the May 2025 agreement","claim_ids":["c-deal-apps-sale"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"tripledot → tripledot-group-holdings: Parent [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-shiff-tripledot","record":{"id":"r-shiff-tripledot","from":"lior-shiff","to":"tripledot","status":"documented","role":"Chief executive officer","period":"June 2025 (signatory of the amendment)","claim_ids":["c-deal-apps-sale"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"lior-shiff → tripledot: Chief executive officer [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-recoded","record":{"id":"r-app-recoded","from":"applovin","to":"recoded","status":"documented","role":"Bought mobile games under asset deals and a three-year service agreement ($240.0 million in 2019; a further game in 2020)","period":"January 2019 – February 2021","claim_ids":["c-deal-recoded"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → recoded: Bought mobile games under asset deals and a three-year service agreement ($240.0 million in 2019; a further game in 2020) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-twitter","record":{"id":"r-app-twitter","from":"applovin","to":"twitter","status":"documented","role":"Bought the MoPub business for $1.03 billion","period":"January 1, 2022","claim_ids":["c-deal-mopub","c-deal-list-2025"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → twitter: Bought the MoPub business for $1.03 billion [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-unity-proposal","record":{"id":"r-app-unity-proposal","from":"applovin","to":"unity","status":"documented","role":"Made and withdrew a non-binding proposal to combine","period":"August 2022","claim_ids":["c-deal-unity-2022"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"applovin → unity: Made and withdrew a non-binding proposal to combine [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-unity-dispute","record":{"id":"r-app-unity-dispute","from":"applovin","to":"unity","status":"documented","role":"Applicant for a temporary restraining order (declined) and claimant in a JAMS arbitration over data collection","period":"From September 2026","claim_ids":["c-lg-unity"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"applovin → unity: Applicant for a temporary restraining order (declined) and claimant in a JAMS arbitration over data collection [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-easyclick","record":{"id":"r-app-easyclick","from":"applovin","to":"easy-click","status":"documented","role":"Appointed eClickTech's Cyberklick brand as its first 'Greater China tier-one' e-commerce agent","period":"Announced January 15, 2025","claim_ids":["c-sh-china-agents","c-sh-culper-china"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"applovin → easy-click: Appointed eClickTech's Cyberklick brand as its first 'Greater China tier-one' e-commerce agent [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-app-bluefocus","record":{"id":"r-app-bluefocus","from":"applovin","to":"bluefocus","status":"documented","role":"Signed BlueFocus as its first certified e-commerce partner in Greater China","period":"End of 2024 (BlueFocus 2024 annual report)","claim_ids":["c-sh-china-agents","c-sh-culper-china"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"applovin → bluefocus: Signed BlueFocus as its first certified e-commerce partner in Greater China [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ncpttf-app","record":{"id":"r-ncpttf-app","from":"ncpttf","to":"applovin","status":"documented","role":"Lead plaintiff in the securities class action (No. 4:25-cv-02772, N.D. Cal.)","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"ncpttf → applovin: Lead plaintiff in the securities class action (No. 4:25-cv-02772, N.D. Cal.) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-monroe-app","record":{"id":"r-monroe-app","from":"monroe-county-ers","to":"applovin","status":"documented","role":"Lead plaintiff in the securities class action (No. 4:25-cv-02772, N.D. Cal.)","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"monroe-county-ers → applovin: Lead plaintiff in the securities class action (No. 4:25-cv-02772, N.D. Cal.) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ncpttf-foroughi","record":{"id":"r-ncpttf-foroughi","from":"ncpttf","to":"adam-foroughi","status":"documented","role":"Lead plaintiff suing him as a defendant in the securities class action","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"ncpttf → adam-foroughi: Lead plaintiff suing him as a defendant in the securities class action [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ncpttf-stumpf","record":{"id":"r-ncpttf-stumpf","from":"ncpttf","to":"matthew-stumpf","status":"documented","role":"Lead plaintiff suing him as a defendant in the securities class action","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"ncpttf → matthew-stumpf: Lead plaintiff suing him as a defendant in the securities class action [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ncpttf-chen","record":{"id":"r-ncpttf-chen","from":"ncpttf","to":"herald-chen","status":"documented","role":"Lead plaintiff suing him as a defendant in the securities class action","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"ncpttf → herald-chen: Lead plaintiff suing him as a defendant in the securities class action [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-ncpttf-shikin","record":{"id":"r-ncpttf-shikin","from":"ncpttf","to":"vasily-shikin","status":"documented","role":"Lead plaintiff suing him as a defendant (added in the amended complaint)","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"ncpttf → vasily-shikin: Lead plaintiff suing him as a defendant (added in the amended complaint) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-monroe-foroughi","record":{"id":"r-monroe-foroughi","from":"monroe-county-ers","to":"adam-foroughi","status":"documented","role":"Lead plaintiff suing him as a defendant in the securities class action","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"monroe-county-ers → adam-foroughi: Lead plaintiff suing him as a defendant in the securities class action [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-monroe-stumpf","record":{"id":"r-monroe-stumpf","from":"monroe-county-ers","to":"matthew-stumpf","status":"documented","role":"Lead plaintiff suing him as a defendant in the securities class action","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"monroe-county-ers → matthew-stumpf: Lead plaintiff suing him as a defendant in the securities class action [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-monroe-chen","record":{"id":"r-monroe-chen","from":"monroe-county-ers","to":"herald-chen","status":"documented","role":"Lead plaintiff suing him as a defendant in the securities class action","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"monroe-county-ers → herald-chen: Lead plaintiff suing him as a defendant in the securities class action [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-monroe-shikin","record":{"id":"r-monroe-shikin","from":"monroe-county-ers","to":"vasily-shikin","status":"documented","role":"Lead plaintiff suing him as a defendant (added in the amended complaint)","period":"Amended complaint of September 12, 2025; pending","claim_ids":["c-lg-securities","c-lg-securities-docket"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"monroe-county-ers → vasily-shikin: Lead plaintiff suing him as a defendant (added in the amended complaint) [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tpc-app","record":{"id":"r-tpc-app","from":"tpc","to":"applovin","status":"documented","role":"Claimant in a WAMCA collective action before the Amsterdam District Court","period":"Summons of May 21, 2026; first docket date August 26, 2026","claim_ids":["c-lg-tpc-filing","c-lg-tpc-allegations","c-lg-tpc-amnesty"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"tpc → applovin: Claimant in a WAMCA collective action before the Amsterdam District Court [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"relationships","id":"r-tpc-adjust","record":{"id":"r-tpc-adjust","from":"tpc","to":"adjust-gmbh","status":"documented","role":"Claimant in the same WAMCA collective action","period":"Summons of May 21, 2026; first docket date August 26, 2026","claim_ids":["c-lg-tpc-filing","c-lg-tpc-allegations"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"tpc → adjust-gmbh: Claimant in the same WAMCA collective action [documented]"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2016-hontai-deal","record":{"id":"e-2016-hontai-deal","date":"2016-09","title":"AppLovin agrees to sell a majority stake to Orient Hontai Capital","claim_ids":["c-hon-2016-agreement"]},"reading":"2016-09 AppLovin agrees to sell a majority stake to Orient Hontai Capital"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2017-financing","record":{"id":"e-2017-financing","date":"2017-11","title":"Orient Hontai purchase abandoned; $841 million of debt financing instead","claim_ids":["c-hon-2017-financing"]},"reading":"2017-11 Orient Hontai purchase abandoned; $841 million of debt financing instead"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2018-kkr","record":{"id":"e-2018-kkr","date":"2018-08","title":"KKR Denali buys Series A preferred stock for about $400 million","claim_ids":["c-kkr-series-a-2018"]},"reading":"2018-08 KKR Denali buys Series A preferred stock for about $400 million"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2019-warrant","record":{"id":"e-2019-warrant","date":"2019-01-03","title":"Warrant transferred to Angel Pride Holdings and Hontai App Fund","claim_ids":["c-hon-warrant-2019"]},"reading":"2019-01-03 Warrant transferred to Angel Pride Holdings and Hontai App Fund"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2020-mz","record":{"id":"e-2020-mz","date":"2020-05-19","title":"AppLovin acquires Machine Zone","claim_ids":["c-deal-machine-zone"]},"reading":"2020-05-19 AppLovin acquires Machine Zone"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2021-ipo","record":{"id":"e-2021-ipo","date":"2021-04-15","title":"Initial public offering on the Nasdaq Global Select Market at $80 a share","claim_ids":["c-id-listing"]},"reading":"2021-04-15 Initial public offering on the Nasdaq Global Select Market at $80 a share"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2021-adjust","record":{"id":"e-2021-adjust","date":"2021-04-20","title":"AppLovin acquires Adjust GmbH","claim_ids":["c-deal-adjust"]},"reading":"2021-04-20 AppLovin acquires Adjust GmbH"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2022-mopub","record":{"id":"e-2022-mopub","date":"2022-01-01","title":"AppLovin buys Twitter's MoPub business for $1.03 billion","claim_ids":["c-deal-mopub"]},"reading":"2022-01-01 AppLovin buys Twitter's MoPub business for $1.03 billion"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2022-wurl","record":{"id":"e-2022-wurl","date":"2022-04-01","title":"AppLovin buys Wurl, Inc.","claim_ids":["c-deal-wurl"]},"reading":"2022-04-01 AppLovin buys Wurl, Inc."}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2022-unity","record":{"id":"e-2022-unity","date":"2022-08","title":"Non-binding proposal to combine with Unity Software, later withdrawn","claim_ids":["c-deal-unity-2022"]},"reading":"2022-08 Non-binding proposal to combine with Unity Software, later withdrawn"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2023-tang-13g","record":{"id":"e-2023-tang-13g","date":"2023-09-26","title":"Hao Tang reports 8.4% of Class A through Midterm Success","claim_ids":["c-ht-2023-holding"]},"reading":"2023-09-26 Hao Tang reports 8.4% of Class A through Midterm Success"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2024-midterm-buyback","record":{"id":"e-2024-midterm-buyback","date":"2024-03-07","title":"AppLovin agrees to repurchase 3,000,000 shares from Midterm Success","claim_ids":["c-ht-repurchase-2024"]},"reading":"2024-03-07 AppLovin agrees to repurchase 3,000,000 shares from Midterm Success"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2024-prominence","record":{"id":"e-2024-prominence","date":"2024-09-17","title":"Prominence Trust reported as sole shareholder of Angel Pride","claim_ids":["c-ap-2024-transfer"]},"reading":"2024-09-17 Prominence Trust reported as sole shareholder of Angel Pride"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2025-doj","record":{"id":"e-2025-doj","date":"2025-01-14","title":"Justice Department sues KKR entities over premerger filings, including AppLovin and Adjust","claim_ids":["c-kkr-hsr-applovin"]},"reading":"2025-01-14 Justice Department sues KKR entities over premerger filings, including AppLovin and Adjust"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2025-shorts","record":{"id":"e-2025-shorts","date":"2025-02-26","title":"Fuzzy Panda Research and Culper Research publish short reports","claim_ids":["c-sh-reports"]},"reading":"2025-02-26 Fuzzy Panda Research and Culper Research publish short reports"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2025-class-action","record":{"id":"e-2025-class-action","date":"2025-03-24","title":"Securities class action No. 4:25-cv-02772 filed in the Northern District of California","claim_ids":["c-lg-securities-docket"]},"reading":"2025-03-24 Securities class action No. 4:25-cv-02772 filed in the Northern District of California"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2025-mw","record":{"id":"e-2025-mw","date":"2025-03-27","title":"Muddy Waters Research publishes its short report","claim_ids":["c-sh-muddy-waters"]},"reading":"2025-03-27 Muddy Waters Research publishes its short report"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2025-culper-june","record":{"id":"e-2025-culper-june","date":"2025-06-12","title":"Culper Research's second report alleges undisclosed control by Hao Tang","claim_ids":["c-ap-culper-control"]},"reading":"2025-06-12 Culper Research's second report alleges undisclosed control by Hao Tang"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2025-apps-sale","record":{"id":"e-2025-apps-sale","date":"2025-06-30","title":"Sale of the Apps business to Tripledot closes","claim_ids":["c-deal-apps-sale"]},"reading":"2025-06-30 Sale of the Apps business to Tripledot closes"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2025-sec","record":{"id":"e-2025-sec","date":"2025-10","title":"Press reports an SEC investigation of AppLovin","claim_ids":["c-sec-probe"]},"reading":"2025-10 Press reports an SEC investigation of AppLovin"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2026-capitalwatch","record":{"id":"e-2026-capitalwatch","date":"2026-02-08","title":"CapitalWatch apologises and retracts its statements about Hao Tang","claim_ids":["c-ht-capitalwatch"]},"reading":"2026-02-08 CapitalWatch apologises and retracts its statements about Hao Tang"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2026-chair","record":{"id":"e-2026-chair","date":"2026-04-02","title":"Craig Billings becomes independent chair in place of Adam Foroughi","claim_ids":["c-bd-transitions-2026"]},"reading":"2026-04-02 Craig Billings becomes independent chair in place of Adam Foroughi"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2026-wamca","record":{"id":"e-2026-wamca","date":"2026-05-21","title":"The Privacy Collective serves a collective-action summons on AppLovin and Adjust","claim_ids":["c-lg-tpc-filing"]},"reading":"2026-05-21 The Privacy Collective serves a collective-action summons on AppLovin and Adjust"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2026-hsr-judgment","record":{"id":"e-2026-hsr-judgment","date":"2026-08-26","title":"Proposed final judgment: $250 million civil penalty against KKR & Co. GP LLC","claim_ids":["c-kkr-hsr-applovin"]},"reading":"2026-08-26 Proposed final judgment: $250 million civil penalty against KKR & Co. GP LLC"}
{"case_id":"applovin-corp","version":"1.0","as_of":"2026-10-16","record_type":"events","id":"e-2026-second-suit","record":{"id":"e-2026-second-suit","date":"2026-09-16","title":"Second securities class action filed (No. 3:26-cv-10584)","claim_ids":["c-lg-second-class-action"]},"reading":"2026-09-16 Second securities class action filed (No. 3:26-cv-10584)"}