** Shares of marketing platform AppLovin APP.O fall 11.6% to $289.72 in afternoon trading
** Muddy Waters Research has taken short position on AppLovin
** Muddy Waters says web traffic analysis leads it to estimate that ~52% of APP's e-commerce conversions are retargeting and incrementality is only ~25%-35%
** APP did not immediately respond to a Reuters request for comment
** Muddy Waters says code evidences that APP is collecting and structuring user IDs from its key platform partners, which appears to be a major violation of the platforms' terms of service
** In February, two short sellers, Fuzzy Panda Research and Culper Research, disclosed short positions in AppLovin and alleged various concerns about co's business practices
** Up to last close, APP down ~1% this year
(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))
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