According to the Complaint, Pinterest, Inc. is a Delaware corporation headquartered in San Francisco, California. The Company is an image sharing and social media service comprised of small images or “pins” for finding ideas like recipes, home décor and style inspiration.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and financial health. Specifically, Defendants made false and/or misleading statements and failed to disclose to investors that: (i) the Company’s addressable market in the U.S. was reaching its maximum capacity; (ii) which significantly decelerated Pinterest’s future ability to monetize on U.S. average revenue per user; (iii) Pinterest was at an increased risk of losing advertising revenue; (iv) 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 February 25, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 16, 2021. Defendants filed a Motion to Dismiss the amended Complaint on May 28. On September 23, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to amend the Complaint. On October 12, Lead Plaintiff notified the Court that he did not intend to amend the Complaint. On the same date, the Court issued Judgment in accordance with the Order of September 23 and closed the case.