NEW YORK, June 22, 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 the United States District Court for the Northern District of California, and docketed under 21-cv-04220, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Pinterest securities between February 4, 2021 and April 27, 2021, inclusive (the «Class Period»). Plaintiff pursues claims 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 until June 28, 2021 to ask the Court to appoint you as Lead 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 firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Pinterest operates a platform that purports to provide inspiration for its users’ lives. Monthly active users are the number of Pinterest users who interact with Pinterest at least once during the 30-day period ending on the date of measurement.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, 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, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On April 27, 2021, after the market closed, Pinterest announced its first quarter 2021 financial results and reported that global monthly active users grew only 30% year-over-year to 478 million, a decline from the prior quarter’s 37% year-over-year growth. During a conference call held the same day, Pinterest’s Chief Executive Officer stated that «[a]s pandemic lockdowns were eased in some parts of the world during mid-March, we began to see signs of less engagement and user growth on Pinterest.»
On 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 unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP