A Pinterest shareholder sued the company’s executives and directors, arguing they misled investors about the social media platform’s resilience to economic pressures and seeking damages for over $462 million in stock buybacks at allegedly inflated prices.
Pinterest executives downplayed how tariffs and economic uncertainty would impact major retail advertisers that provide substantial revenue to the platform, according to the shareholder derivative complaint filed Tuesday in the US District Court for the Northern District of California.
The lawsuit targets 12 current and former Pinterest officials, including CEO William Ready and Chief Financial Officer Julia Brau Donnelly. It claims they made false ...
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