Pinterest, Inc. Investors: Last Days to Participate Actively in the Class Action Lawsuit; ...
Investors with losses of over $250,000 are encouraged to contact the firm before June 28, 2021; click
to submit trade information
LOS ANGELES, June 22, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Pinterest, Inc. (NASDAQ: PINS) investors that acquired shares between February 4, 2021 and April 27, 2021. Investors have until June 28, 2021 to seek an active role in this litigation.
It is alleged in the complaint that during the Class Period, Pinterest made misleading and/or false statements and/or failed to disclose that: (1) Pinterest’s addressable market in the U.S. was approaching its maximum capacity; (2) which significantly decelerated Pinterest’s future ability to monetize on U.S. average revenue per user; (3) Pinterest’s risk of losing advertising revenue was increasing; and (4) at all relevant times, Pinterest’s public statements were materially misleading and false, or lacked a reasonable basis and omitted material facts, as a result.
On October 31, 2019, post-market, Pinterest reported its third quarter financial results for 2019. Pinterest reported disappointing financial results, including 8% growth in the U.S. year-over-year MAUs, which had reached 87 million, only 8 million more than the same period of the previous year. Pinterest also missed their expected US advertising revenue targets. Pinterest’s guidance was only marginally increased, which implied further deceleration in future quarters.
Pinterest’s stock price fell approximately 17% on this news, to close at $20.86 per share on November 1, 2019, on unusually high trading value.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 28, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.