DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Pinterest, Inc. and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of investors who bought Pinterest, Inc. (NYSE: PINS) common stock between May 16, 2019 and November 1, 2019 (the “Class Period”). Investors have until January 22, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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On October 31, 2019, the company announced its financial results for the quarter ended September 30, 2019. The company reported disappointing financial results, including US MAUs growing 8% year over year to reach 87 million, just 8 million more than the same period last year. Pinterest also missed its consensus forecast, reporting lower-than-expected US advertising revenue. The company has raised its guidance for full-year 2019 only slightly, implying a further slowdown in the coming quarters.
In that news, the company’s shares fell sharply 17%, closing at $ 20.86 on November 1, 2019.
The complaint, filed on November 23, 2020, alleges that Pinterest made false and misleading statements to the public throughout the class and failed to disclose that: (i) the company’s addressable market in the United States has reached its maximum capacity; (ii) which has significantly slowed Pinterest’s future ability to make money from average US revenue per user; (iii) Pinterest had an increased risk of losing advertising revenue. (iv) and as a result, Defendants’ public statements were, at all relevant times, materially false and misleading, or lacking a reasonable basis and omission of material facts.
If you purchased Pinterest common stock during the class period and suffered a loss, are a long-term shareholder, have information, want to learn more about these claims, or have questions about this announcement or your rights or interests in relation to it, please contact us at Email Brandon Walker, Melissa Fortunato, or Marion Passmore by emailing firstname.lastname@example.org, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.