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.

Pinterest, Inc.

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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com