NEW YORK, May 2, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Pinterest, Inc. ("Pinterest" or the "Company") (NYSE: PINS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Pinterest and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 27, 2021, 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. During a conference call held on the same day, Pinterest's Chief Executive Officer stated that "[a]s pandemic lockdowns were eased in some parts of the world during mid-March, we began to see signs of less engagement and user growth on Pinterest."
On this news, Pinterest's stock price fell $11.25 per share, or 14.5%, to close at $66.33 per share on April 28, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.