LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California captioned LeMoure v. Pinterest, Inc., et al., (Case No. 3:21-cv-03181) on behalf of persons and entities that purchased or otherwise acquired Pinterest, Inc. (“Pinterest” or the “Company”) (NYSE: PINS) securities between February 4, 2021 and April 27, 2021, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from this notice to move the Court to serve as lead plaintiff in this action.
If you suffered a loss on your Pinterest investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/pinterest-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org or visit our website at www.glancylaw.com to learn more about your rights.
Pinterest operates a platform that purports to provide inspiration for its users’ lives. Monthly active users (“MAUs”) are the number of Pinterest users who interact with Pinterest at least once during the 30-day period ending on the date of measurement.
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 the 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, or 14.5%, to close at $66.33 per share on April 28, 2021, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that user growth was already slowing; (2) that, as a result, the Company expected user engagement to slow in the second quarter of 2021; and (3) that, as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
If you purchased or otherwise acquired Pinterest securities during the Class Period, you may move the Court no later than 60 days from this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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