The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Pinterest, Inc. (“Pinterest” or the “Company”) (NYSE: PINS) securities during the period from February 4, 2021 through April 27, 2021 (the “Class Period”). Investors have until June 28, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Pinterest operates a platform that purports to provide inspiration for its users' lives. Monthly active users ("MAUs") are the number of Pinterest users who interact with Pinterest at least once during the 30-day period ending on the date of measurement. 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 the conference call held 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, the Company's share price fell $11.25, or 14.5%, to close at $66.33 per share on April 28, 2021, on unusually heavy trading volume.
If you acquired Pinterest securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.