Nov 25, 2020, 11:55 ET
NEW YORK, Nov. 25, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Pinterest Inc. ("Pinterest" or the "Company") (NYSE: PINS) from May 16, 2019 through November 1, 2019 (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Pinterest securities, and/or would like to discuss your legal rights and options please visit Pinterest Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The complaint alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Pinterest's addressable market in the U.S. was reaching its maximum capacity; (2) which significantly decelerated Pinterest's future ability to monetize on U.S. average revenue per user; (3) Pinterest was at an increased risk of losing advertising revenue; and (4) as a result, Defendants' public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts.
On October 31, 2019, post-market, Pinterest reported its financial results for the third quarter of 2019. The Company reported disappointing financial results, including 8% growth in U.S. MAUs year-over-year, which reached 87 million, only 8 million more than the same period of the previous year. Pinterest also missed expected US advertising revenue targets. Pinterest only marginally increased its guidance, implying further deceleration in future quarters.
On this news, Pinterest's stock price fell approximately 17% to close at $20.86 per share on November 1, 2019, on unusually high trading value.
If you wish to serve as lead plaintiff, you must move the Court no later than January 22, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Pinterest securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/pinterestinc-pins-shareholder-class-action-lawsuit-fraud-stock-335/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Matthew E. Guarnero
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP
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