(KRON) -- AppLovin Corporation laid off dozens of employees from its Palo Alto headquarters Tuesday. The 97 job cuts were described as permanent layoffs in a filing with the employment development department. The job cuts come on the heels of a surge in the stock market for the mobile technology co mpany that specializes in app monetization, user acquisition and streaming TV ads. AppLovin Corp (NASDAQ: APP) stock surged over the past week, climbing from $297.14 on Friday to peak at $351.79 on Tuesday. Bay Area elementary schools make 2025 California Distinguished list AppLovin's 11% jump in the market comes as the company is embroiled in a class action lawsuit for alleged securities fraud. The lawsuit alleges, among other things, that AppLovin "publicly reported impressive financial results, outlooks, and guidance" to investors, while using dishonest advertising practices. According to the lawsuit, AppLovin reverse engineered and exploited advertising data from Meta and used manipulative practices to artificially inflate their ad click-through and app download rates. ...read more read less