Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Lawsuit Filed Against Pinterest, Inc. (PINS)
RADNOR, Pennsylvania, June 1, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit has been filed for securities fraud in the United States District Court for the Northern District of California Pinterest, Inc. (NYSE : PINS) (“Pinterest”) on behalf of those who have bought or acquired Pinterest securities between February 4, 2021 and April 27, 2021, including (the “Class Period”).
Lead plaintiff deadline: June 28, 2021
Contact: James Maro, Esq. (484) 270-1453
Adrienne Bell, Esq. (484) 270-1435
Toll Free (844) 887-9500
Pinterest operates a platform that provides inspiration for the lives of its users. Monthly active users (“MAUs”) are the number of Pinterest users who interact with Pinterest at least once within the 30-day period ending at the time of measurement.
Throughout the class action period, defendants praised their dedication and user growth. The truth, however, was revealed on April 27, 2021, when Pinterest announced its financial results for the first quarter of 2021 after the market closed, reporting that global monthly active users grew only 30% year-over-year to 478 million, a decrease from March 37 % Growth compared to the previous year. Pinterest further announced that “[i]In the second quarter, we expect global MAUs to grow in the mid-tens and US MAUs to stay roughly the same year over year. “
Following this news, Pinterest’s share price fell $ 11.25, or 14.5%, to close at $ 66.33 per share on April 28, 2021.
The lawsuit alleges that during the class action period, defendants failed to disclose to investors that: (1) user growth was already slowing; (2) As a result, Pinterest expected user engagement to slow down in the second quarter of 2021; and (3) as a result of the foregoing, Defendants’ positive statements about the business, operations and prospects of Pinterest were materially misleading and / or unfounded.
Pinterest investors can by June 28, 2021 at the latest, attempt to be appointed as lead class representative by Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. To be appointed as a lead plaintiff, the court must determine that the class plaintiff’s claim is typical of the claims of other class plaintiffs and that the class plaintiff is adequately representing the class action. Your ability to participate in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class action lawsuits in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and private investors from the US and around the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and participate in recovery of government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)