AppLovin shares fell more than 5% to around $267 on Friday, reaching a new 52-week low after a San Francisco court rejected the company’s request for a temporary restraining order against Unity Software. The decision allows Unity’s Ad Quality SDK to continue gathering information related to AppLovin’s MAX advertising network, while the underlying dispute proceeds through private arbitration. AppLovin alleges Unity used the data in its advertising algorithms; Unity says the tool is publisher-sanctioned and outside its bidding contracts. The ruling addressed only preliminary injunctive relief and did not decide the merits of the claims. AppLovin shares have declined about 60% year-to-date after second-quarter revenue of $1.924 billion missed estimates and third-quarter guidance disappointed some investors. Wells Fargo and Bank of America downgraded the stock, while JPMorgan initiated coverage at Neutral. Unity shares rose more than 6% after its Vector advertising division posted a 23% sequential revenue gain, reached a $1 billion annualized run rate earlier than expected and reported 63% year-over-year growth in its Strategic Grow division. Wedbush analyst Alicia Reese said the ruling could complicate AppLovin’s ability to protect proprietary data and warned that stronger Unity bidding in MAX auctions could gradually pressure AppLovin’s take rate, while expecting no immediate effect on its operating metrics. Investors are awaiting the court’s full written ruling and an Oct. 23 hearing on sealed records.