CONTACT KTMC

Kessler Topaz Meltzer & Check, LLP: Investor Class Action Filed Against Pinterest, Inc. for Securities Fraud Violations

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or acquired Pinterest, Inc. (“Pinterest”) (NYSE: PINS) securities between February 4, 2021 and April 27, 2021, inclusive (the “Class Period”).    
 

Pinterest investors may receive additional information about the case by clicking the link "Submit Your Information" above.


Pinterest operates a platform that provides 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.

The Class Period commences on February 4, 2021, when Pinterest announced its fourth quarter and full year 2020 financial results in a press release.  Throughout the Class Period, the defendants touted its user engagement and growth.

However, the truth was revealed on April 27, 2021 when, 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.  Pinterest further announced that, “[i]n Q2, we expect global MAUs to grow in the mid-teens and US MAUs to be around flat on a year-over-year percentage basis.”

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 complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) user growth was already slowing; (2) as a result, Pinterest expected user engagement to slow in the second quarter of 2021; and (3) as a result of the foregoing, the defendants’ positive statements about Pinterest’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you are a member of the class described above, you may no later than June 28, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.


A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP:  James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.  If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

Please complete this form relating to your transactions for Pinterest, Inc. (NYSE: PINS) securities between February 4, 2021 and April 27, 2021, inclusive (the “Class Period”).    

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.
 

* Denotes required field
 
 
 
 
 
 
# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Pinterest, Inc. prior to the Class Period?
Are you a current or former employee of Pinterest, Inc. ?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
I agree to the KTMC
disclaimer
I would like to receive
new case alerts by email