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Leicester had opened up a two-goal advantage through Dany N'Guessan and substitute Lloyd Dyer before a late goal by Stephen Dobbie gave Blackpool hope.
The home fans believed they should have had a spot-kick when Adam went down under pressure from N'Guessan, but instead the Scotland international picked up a booking and now faces a two-match suspension.
"Charlie is on his left foot and has had a chance to shoot so why would he dive," said Holloway.He added: "We looked a nice, pretty team but we lost and the message that's going round the division is that if you get solid, you keep your shape against Blackpool, you might have a chance of beating them."I don't like playing at home at the moment.
I don't like some of the decisions that are going against us at home but the results aren't down to the officials, it's our fault."
Pearson admitted: "There might have been a little bit of contact but he went down very easily.
"I'm not going to comment any further just as I don't when decisions go against us.
"I thought both sides tried to win the game and both played 4-3-3.
"I think Blackpool will be scratching their heads as to how they've not got something out of this game.
"If they could defend like they attack they would be top of the league."
Dobbie had hit the woodwork for Blackpool before N'Guessan broke the offside trap to reach a fine through-ball by Martyn Waghorn and finished crisply to give Leicester a 15th-minute lead.
Blackpool enjoyed much possession after that but often found Leicester goalkeeper Chris Weale in unbeatable form and Holloway's side were hit on the break with 13 minutes left when Matt Fryatt crossed for Dyer to slot home from close range.
Dobbie made it two goals in his first two games on loan from Swansea with some neat footwork followed by a powerful finish that proved to be too little, too late for the Seasiders.
Source: PA
Source: PA