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, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; or toll free at (844) 887-9500; or you may submit your information via email at email@example.com; or you may click here to print a PDF of this form.
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 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.
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.