RADNOR, Pennsylvania., June 20, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP reminds investors at Pinterest, Inc. (NYSE: PINS) (“Pinterest”) that a securities fraud class action lawsuit has been filed on behalf of of those who bought or acquired Pinterest Titles Between February 4, 2021 and April 27, 2021, inclusive (the “Recourse Period”).
Lead applicant’s deadline: June 28, 2021
Contact: James Maro, Esq. (484) 270-1453
Adrienne Bell, Esq. (484) 270-1435
Toll free (844) 887-9500
Pinterest operates a platform that inspires the lives of its users. Monthly Active Users (“MAU”) is the number of Pinterest users who interact with Pinterest at least once during the 30-day period ending on the date of the measurement.
Throughout the period of the remedy, the defendants have touted the engagement and growth of its users. However, the truth has been revealed about April 27, 2021 when, after the market closed, Pinterest announced its financial results for the first quarter of 2021 and reported that the number of monthly active users worldwide only increased by 30% year-on-year to 478 million, a decrease by compared to the 37% year-over-year growth of the previous quarter. Pinterest further announced that “[i]In the second quarter, we expect global MAUs to increase in mid-teens and US MAUs to remain roughly stable in percent year-over-year. ”
Following this news, the Pinterest 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 Q2 2021; and (3) as a result of the foregoing, the defendants’ positive statements about Pinterest’s business, operations and prospects were substantially misleading and / or lacked reasonable basis.
Pinterest investors can, not later than June 28, 2021, seek to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP, or other attorney, or may choose to do nothing and remain an absent member of the class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal 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 participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country relating to securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors from United States and all over the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP