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Portnoy Law: Lawsuit Filed On Behalf of Pinterest, Inc. Investors

Portnoy Law
·2 min read

Click here to join the case

LOS ANGELES, Jan. 04, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Pinterest, Inc. ("Pinterest" or "the Company") (NYSE: PINS) investors that acquired securities between May 16, 2019 through November 1, 2019.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

It is alleged in the complaint that during the Class Period, Pinterest made misleading and/or false statements and/or failed to disclose that: (1) Pinterest's addressable market in the U.S. was approaching its maximum capacity; (2) which significantly decelerated Pinterest's future ability to monetize on U.S. average revenue per user; (3) Pinterest’s risk of losing advertising revenue was increasing; and (4) at all relevant times, Pinterest’s public statements were materially misleading and false, or lacked a reasonable basis and omitted material facts, as a result.

On October 31, 2019, post-market, Pinterest reported its third quarter financial results for 2019. Pinterest reported disappointing financial results, including 8% growth in the U.S. year-over-year MAUs, which had reached 87 million, only 8 million more than the same period of the previous year. Pinterest also missed their expected US advertising revenue targets. Pinterest’s guidance was only marginally increased, which implied further deceleration in future quarters.

Pinterest's stock price fell approximately 17% on this news, to close at $20.86 per share on November 1, 2019, on unusually high trading value.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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