Pinterest, Inc. Investors Lawsuit

Investigation

Continous Holding
February 4, 2021 to April 27, 2021

Proposed Claim
Securities Violation

Investigation concerning Pinterest’s first quarter 2021 financial results disclosures about its users growth and impact from the pandemic on previous quarters.

Main Event

04/27/2021

Company Statement

Pinterest reports its financial results for the first quarter 2021 showing a slower Global Monthly Active Users (MAUs) year over year and announced “global MAUs to grow in the mid-teens and US MAUs to be around flat on a year-over-year percentage basis.“

See more on Factual Timeline

Initial Lawsuit

Complaint Dismissed The complaint was voluntarily dismissed by the plaintiff without prejudice.
Contact an attorney to know more about the filing and dismissal of a complaint.

This is a class action on behalf of persons and entities that purchased or otherwise acquired Pinterest securities between February 4, 2021 and April 27, 2021, inclusive.

Filing Date
04/29/2021
Class Period
02/04/2021 to 04/27/2021
Transgression
Securities Violation
Filing Firms
Glancy Prongay & Murray LLP
Case Title
LeMoure v. Pinterest, Inc.
Docket Number
3:21-cv-03181
Court
California Northern District Court
Free File
Complaint

Allegations

According to the complaint, 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 allegedly 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;
(3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading 4 and/or lacked a reasonable basis.