US Stock Market Move | Applovin(APP.US) fell nearly 6% in pre-market trading after being accused of money laundering by short-selling firm Capitalwatch.

On Tuesday, Applovin (APP.US) fell more than 10% in pre-market trading, now down nearly 6% to $537.53. On the news front, the short-selling firm Capitalwatch released a report accusing Applovin's core shareholder structure of systemic compliance risks and significant financial crimes. The report alleges that AppLovin's major shareholder Hao Tang and his capital network behind them are suspected of injecting illegal funds from China and Southeast Asia into the core of the US capital market. According to the latest report released by Capitalwatch, AppLovin not only had significant fraudulent concealment in SEC filings, but its management is also accused of turning a blind eye to Anti-Money Laundering (AML) laws, objectively aiding the Prince Group, classified by the US Department of Justice (DOJ) as a Transnational Criminal Organization (TCO), in legalizing assets.