LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming June 28, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Pinterest, Inc. (“Pinterest” or the “Company”) (NYSE: PINS) securities between February 4, 2021 and April 27, 2021, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Pinterest securities during the Class Period, you may move the Court no later than June 28, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
