Radnor, Pennsylvania, June 5, 2021 (Global News Agency) – The law firm Kessler Topaz Meltzer & Check, LLP announced that it has filed a securities fraud class action in the U.S. District Court for the Northern District of California against Pinterest, Inc. (New York Stock Exchange code:password) (“Pinterest”) represents a person who purchases or acquires Pinterest securities February 4, 2021 to April 27, 2021, Included (“Class Hours”).
Investor deadline reminder: Investors buying or acquiring Pinterest securities Yes during class, No later than June 28, 2021, Seeking to be appointed as the chief plaintiff representative of the collective. For more information or to learn how to participate in this lawsuit, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; Toll-free number (844) 887-9500; [email protected]; or Click on https://www.ktmc.com/pinterest-inc-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=pinterest
Pinterest operates a platform that provides inspiration for the lives of its users. Monthly Active Users (“MAU”) refers to the number of Pinterest users who interacted with Pinterest at least once within 30 days of the measurement date.
The course period starts on February 4, 2021, when Pinterest announces its financial results for the fourth quarter and full year of 2020 in a press release. Throughout the class action, the defendant touted its user engagement and growth.
However, the truth was revealed on April 27, 2021. After the market closed, Pinterest announced its financial results for the first quarter of 2021, and reported that global monthly active users only increased by 30% year-on-year to 478 million, which was lower than the same period last year. The year-on-year increase was 37% in the previous quarter. Pinterest further announced, “[i]In the second quarter, we expect that global MAU will grow around the age of 15, while the year-on-year percentage of US MAU will be basically flat. “
After the news, Pinterest’s stock price fell by 11.25 US dollars, or 14.5%, on April 28, 2021, to close at 66.33 US dollars per share.
The complaint stated that during the entire class action, the defendant failed to disclose to investors: (1) user growth has slowed; (2) therefore, Pinterest expects user engagement to slow in the second quarter of 2021; (3) due to For the above reasons, the defendant’s positive statements about Pinterest’s business, operations, and prospects are materially misleading and/or lack reasonable basis.
Pinterest investors may, No later than June 28, 2021, Seek to be appointed as the chief plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other lawyers, or can choose to do nothing and continue to be absent from class members. The lead plaintiff is the representative party who directs the litigation on behalf of all class members. In order to be appointed as the lead plaintiff, the court must determine that the class member’s claim is a typical claim of other class members and that the class member will fully represent the class. Your ability to share any recovery is not affected by the decision whether or not to serve as the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP is suing class actions involving securities fraud, breach of fiduciary duties, and other violations of state and federal laws in state and federal courts across the country. Kessler Topaz Meltzer & Check, LLP is the driving force of corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors in the United States and around the world. The company represents investors, consumers, and whistleblowers (private citizens who report fraud against the government and share the recovery of government funds). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP.For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)