Pinterest (NYSE: PINS) stock is plunging after a lawsuit against it. On April 27, the stock cost $77.49. Then, it sharply fell and kept on decreasing. The shares slowly stopped losing value. Now, it stopped at $62.47.
A lawsuit was filed against Pinterest Inc. This violated sections 10b and 20a of the Securities Act of 1934 and Rule 10b-5. The complaint shows the company made false and misleading statements to the market. Pinterest had a small user growth rate. When the market learned the truth that the company’s public statements were misleading and false, investors suffered losses.
Pinterest, founded in April 2012 and headquartered in San Francisco, California, engages in providing people to find inspiration for their lives, recipes, home inspiration, and DIY. It gives them visual suggestions depending on the personal interests and preferences.
Editor in Chief.
Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life