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Pinterest Investor Suit Lacks Factual Basis, Company Tells Court

June 1, 2021, 8:44 PM

Investors who accuse Pinterest Inc. of making misleading statements about user growth and revenue “simply cannot allege any facts to support” their securities fraud theory, according to a motion to dismiss filed in federal court in California.

The complaint didn’t “identify any false statement” Pinterest supposedly made or properly allege that it intended to deceive investors, so the would-be class suit—which “should have never been filed"—should be dismissed, the social networking platform told the U.S. District Court for the Northern District of California.

Some of the purportedly misleading statements are forward-looking and fall within the Private Securities Litigation Reform ...