AppLovin stock sank 5.6% on Monday as The New York Post reported that multiple state attorneys general are investigating the company’s data collection practices.

The $200 billion mobile advertising giant is facing preliminary inquiries from regulators in Delaware, Oregon, and Connecticut, according to The New York Post. The probe, which reportedly began in March and continued through summer, focuses on how AppLovin handles consumer data, with Delaware taking the lead in the investigation.

This new regulatory scrutiny comes after Bloomberg reported that the Securities and Exchange Commission is investigating whether AppLovin "misled investors about its data collection and ad-targeting methods" following allegations from short-sellers about improper user tracking for targeted advertising.

Last Wednesday, AppLovin shut down a product called "Array" after researcher Ben Edelman, who holds a short position in the company, claimed the product downloaded apps onto users’ phones without consent. AppLovin responded that "users must explicitly consent to download an application as a result of any of our ads," describing Array as "a test product."

Several third-party data brokers with connections to AppLovin have reportedly received subpoenas as part of the state-level investigation. However, AppLovin has denied knowledge of any state investigations, stating it is "not engaged in any investigations with any state attorneys general regarding its business."

The company, which made headlines earlier this year with an offer to acquire TikTok, has seen its stock price affected as regulatory concerns mount over its data handling practices.