Applovin Corp. shares pared gains on Friday after the U.S. Securities and Exchange Commission confirmed its investigation into the mobile advertising technology company remains active. Bloomberg News reported the confirmation following the regulator's refusal to release internal correspondence.
The SEC stated that disclosing the documents could harm an ongoing enforcement investigation. The agency warned that releasing materials might allow involved parties to fabricate evidence or influence witness testimony.
Regulators also noted that disclosure could lead to the destruction of documents or reveal the identities of cooperating witnesses. Applovin stock maintained a portion of its daily gains to close higher despite the report.