NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Pinterest, Inc. (NYSE: PINS) between May 16, 2019 to November 1, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Pinterest investors under the federal securities laws.
To join the Pinterest class action, go to http://www.rosenlegal.com/cases-register-1995.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
The Complaint alleges that Pinterest made false and misleading statements to the public throughout the Class Period and failed to disclose that: (1) the Company’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; (4) and 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, the Company announced its financial results for the quarter ended September 30, 2019. The Company reported disappointing financial results, including 8% growth in the U.S. MAUs year over year, reaching 87 million, only 8 million more than the same period of the previous year. Pinterest also missed its consensus projections and reported lower than expected U.S. advertising revenue. The Company only marginally increased its full year 2019 guidance, implying further deceleration in the future quarters. On this news, the price of the Company’s shares steeply declined by 17%, to close at $20.86, on November 1, 2019, on unusually high trading volume.
A class action lawsuit has already been filed. 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. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1995.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
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New York, NY 10016
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