NEW YORK, June 7, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Pinterest, Inc. (“Pinterest” or the “Company”) (NYSE: PINS) and certain of its officers. The class action, filed in United States District Court of the North District of California, and listed as 21-cv-04220, is in the name of a class made up of all persons and entities other than the Defendants who have purchased or otherwise acquired Pinterest securities between February 4, 2021 and April 27, 2021, inclusive (the “Class Period”). The plaintiff is pursuing actions against the defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Pinterest securities during the Class Period, you have up to June 28, 2021 ask the court to appoint you as the principal plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, Ext. 7980. Those inquiring by e-mail are encouraged to provide their mailing address, telephone number and the number of shares purchased.
Pinterest operates a platform that claims to inspire the lives of its users. Monthly active users is the number of Pinterest users who interact with Pinterest at least once during the 30-day period ending on the measurement date.
The complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading representations regarding the Company’s business, operations and compliance policies. Specifically, the defendants made false and / or misleading statements and / or failed to disclose that: (i) user growth was already slowing; (ii) as a result, the Company expected user engagement to slow in the second quarter of 2021; and (iii) as a result of the foregoing, the Defendants’ positive statements regarding the business, operations and prospects of the Company were substantially misleading and / or lacked reasonable basis.
At April 27, 2021, after the market closed, Pinterest reported its financial results for the first quarter of 2021 and reported that global monthly active users grew only 30% year-on-year to 478 million, down from the growth of 37% year-on-year from the previous quarter. In a conference call held the same day, the CEO of Pinterest said that “[a]s pandemic lockdowns were eased in parts of the world in mid-March, we started to see signs of less user engagement and growth on Pinterest. “
Following this news, the Company’s share price fell $ 11.25 per share, or 14.5%, to close at $ 66.33 per share on April 28, 2021, on an unusually high volume of transactions.
The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, the Pomerantz law firm was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext 7980
SOURCE Pomerantz LLP