Pinterest Beats Investor Suit on Market Saturation, Ad Revenue

Sept. 24, 2021, 8:22 PM

Pinterest Inc. won dismissal of a proposed class action that alleged the company misrepresented its growth prospects in the U.S.

Lead plaintiff Paul Hessong, a Pinterest investor, failed to identify company omissions or specific misstatements about user growth that were actionable under the Private Securities Litigation Reform Act, Judge William Orrick of the U.S. District Court for the Northern District of California said Thursday.

“As such, Hessong cannot allege Pinterest made any false or misleading statements,” the judge ruled. The judge, however, will allow Hessong to file a second amended complaint within 20 days of the order, and will grant ...

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