govinfo:USCOURTS-cand-3_26-cv-02745-0

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UNITED STATES DISTRICT COURT 
NORTHERN DISTRICT OF CALIFORNIA 
 
IVAN UZIEL, 
Plaintiff, 
v. 
 
PINTEREST, INC., et al., 
Defendants. 
 

 
 
ORDER APPOINTING LEAD 
PLAINTIFFS AND LEAD COUNSEL 
Re: Dkt. Nos. 15, 18, 26, 28, 37 
 
Several parties moved for appointment as lead plaintiff in this putative securities class 
action. One movant withdrew its motion, and several others filed notices of non-opposition. 
Accordingly, only the motion jointly filed by Local 705 International Brotherhood of Teamsters 
Pension Fund; Northern California Glaziers, Architectural Metal and Glassworkers Pension Plan; 
and Bay Area Painters and Tapers Pension Trust Fund (collectively, the “Funds”) remains. Their 
motion is GRANTED. 
A three-step process governs the appointment of lead plaintiffs under the PSLRA. See 
Averza v. Super Micro Comput., Inc., No. 24-cv-06147-EJD, 2024 WL 5112222, at *1 (N.D. 
Cal. Dec. 12, 2024). First, the party seeking appointment must have filed their motion within 60 
days of the publication of the PSLRA notice. See id. at *2. Here, Plaintiff filed the required 
notice on March 30, 2026. (See Dkt. No. 19-3.) Accordingly, the last day to file a motion for 
appointment as lead plaintiff was May 29, 2026. The Funds timely filed their motion on that day 
(see Dkt. No. 18), and they therefore satisfy the first step. 
Second, the party seeking appointment must be “presumptively [the] most adequate 
plaintiff.” See Averza, 2024 WL 5112222, at *2 (citation omitted). In conducting this step of the 
analysis, “the court determines which plaintiff seeking the lead plaintiff position has the highest 

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financial stake in the litigation. Then, turning to that plaintiff’s pleadings and declarations, the 
court evaluates whether she has made a prima facie showing that she is typical and adequate 
under Rule 23(a).” Id. (citations omitted). The Funds have submitted a chart calculating their 
aggregate loss to be $3,952,437.73. (See Dkt. No. 19-2.) Thus, they have purportedly suffered a 
non-insignificant financial loss, and no other party has claimed a larger financial loss, so their 
financial loss appears to be the largest. Cf. Westley v. Oclaro, Inc., No. 11-cv-02448-EMC, 2011 
WL 4079178, at *2 (N.D. Cal. Sept. 12, 2011) (accepting financial loss of sole party to move for 
appointment as lead plaintiff as largest financial loss). The Funds also “have comparable stakes 
in this case and have already committed to cooperatively prosecute it on behalf of the class.” 
Louie v. Picard Med., Inc., No. 26-cv-01024-RFL, 2026 WL 1365022, at *2 (N.D. Cal. May 15, 
2026) (citations omitted); (Dkt. No. 19-4 ¶¶ 6-7, 9-11, 13.) Moreover, they have “made an 
adequate showing of typicality because, like other members of the putative class, [they] 
purchased [Pinterest] stock during the class period at allegedly artificially inflated prices. As for 
the Fund[s’] adequacy, there is nothing to indicate that [their] claims conflict with those of the 
putative class or that [they are] subject to unique defenses[.]” Westley, 2011 WL 4079178, at *3. 
Third, “other plaintiffs have the chance to rebut the presumption that the plaintiff 
identified in the second step is the most adequate.” Averza, 2024 WL 5112222, at *2 (citation 
omitted). No party has attempted to rebut the presumption that the Funds are the most adequate 
plaintiffs. 
Accordingly, the Court ORDERS as follows: 
• The Funds are appointed as lead plaintiffs. The Funds are reminded that under the 
undersigned’s Civil Standing Order, they must file a chart summarizing the information 
required by 15 U.S.C. Sections 78u-4(b)(1) and (2) within 14 days of serving a 
consolidated complaint. 
• The Funds’ requested lead counsel (Labaton Keller Sucharow LLP) and liaison counsel 
(Robbins Geller Rudman & Dowd LLP) have significant securities litigation experience 
and are appointed as lead counsel and liaison counsel, respectively. 

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• Lead counsel shall have the following responsibilities: 
o To brief and argue motions; 
o To initiate and conduct discovery, including, but not limited to, coordination of 
discovery with Defendants’ counsel, and the preparation of written interrogatories, 
requests for admissions, and requests for production of documents; 
o To direct and coordinate the examination of witnesses in depositions; 
o To act as spokesperson at pretrial conferences; 
o To call and chair meetings of Plaintiffs’ counsel as appropriate or necessary from 
time to time; 
o To initiate and conduct any settlement negotiations with Defendants’ counsel; 
o To provide general coordination of the activities of Plaintiffs’ counsel and to delegate 
work responsibilities to selected counsel as may be required, in such a manner as to 
lead to the orderly and efficient prosecution of this litigation and to avoid duplication 
or unproductive effort; 
o To consult with and employ experts; 
o To receive and review periodic time reports of all attorneys on behalf of Plaintiffs, to 
determine if the time is being spent appropriately and for the benefit of Plaintiffs, and 
to determine and distribute Plaintiffs’ attorneys’ fees; and 
o To perform such other duties as may be expressly authorized by further order of this 
Court. 
• By June 29, 2026, the Funds and Defendants shall jointly submit a proposed schedule for 
the filing of an amended complaint and Defendants’ response. (See also Dkt. No. 14.) 
• Going forward, all filings in this action shall be captioned: In re Pinterest, Inc. Securities 
Litigation. 
• Any action that is deemed a related case shall be automatically consolidated with this 
action. 
• Counsel in any related action that is consolidated with this action shall be bound by the 

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organization of Plaintiffs’ counsel as set forth herein. 
• By June 15, 2027, lead counsel and liaison counsel shall submit applications for renewal 
of lead counsel and liaison counsel status. The Court may also review the selection of 
lead counsel and liaison counsel at any time upon a showing of good cause. 
IT IS SO ORDERED. 
Dated: June 15, 2026 
 
 
RITA F. LIN 
United States District Judge 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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