Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Pinterest, Inc. of Class Action Lawsuit and Upcoming Deadline – PINS
NEW YORK, June 14, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP announces that a class action lawsuit has been filed against Pinterest, Inc. (“Pinterest” or the “Company”) (NYSE: PINS) and some of its officers. The class action lawsuit, filed in the United States District Court for the Northern District of California and filed on 21-cv-04220, is on behalf of a group consisting of all persons and entities other than the defendants, the Pinterest securities purchased or otherwise acquired between February 4, 2021 and April 27, 2021 inclusive (the “Class Period”). Plaintiff is pursuing claims against defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Pinterest’s securities during the class action period, you have until June 28, 2021 to request the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW) toll free ext. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Pinterest operates a platform that purports to provide inspiration for the lives of its users. Monthly active users are the number of Pinterest users who interact with Pinterest at least once within the 30-day period ending at the time of measurement.
The lawsuit alleges that during the class action period, defendants made essentially false and misleading statements about the company’s business, operational and compliance policies. In particular, Defendants have provided false and / or misleading information and / or failed to disclose that: (i) user growth has already slowed; (ii) as a result, the company expected a slowdown in user interaction in the second quarter of 2021; and (iii) as a result of the foregoing, Defendants’ positive statements about the business, operations and prospects of the Company were materially misleading and / or unfounded.
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On April 27, 2021, after the market closed, Pinterest announced its financial results for the first quarter of 2021, reporting that global monthly active users grew only 30% year-over-year to 478 million, down 37% year-over-year -Annual growth. During a conference call on the same day, Pinterest’s chief executive officer stated that “[a]With pandemic lockdowns eased in some parts of the world in mid-March, we saw signs of less engagement and user growth on Pinterest. “
As a result of 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 due to unusually high trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles and Paris, is one of the leading law firms in the areas of corporate, securities and antitrust disputes. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Action Chamber, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, the Pomerantz law firm continues the tradition he founded and fights for the rights of victims of securities fraud, breaches of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980