Pinterest in IPO and Dual-Class Recapitalization

April 18, 2019

Cleary Gottlieb is representing Pinterest in connection with its IPO and dual-class recapitalization.

Pinterest shares began trading on the New York Stock Exchange on April 18, 2019 under the symbol “PINS,” and the offering closed on April 23, 2019.

In addition, Cleary is the lead outside counsel for the company on all matters relating to the company’s new dual-class capital structure, governance arrangements, equity award plan, and other corporate law and employee benefits matters in connection with the transition to becoming a public company.

Cleary’s leadership on dual- and multi-class share structures includes:

  • Serving as lead counsel last year to the Redstone family and National Amusements, as the holders of high vote stock of CBS, in connection with their successful corporate actions and litigation in response to an attempt to undermine the dual class share structure at CBS.
  • Serving as lead counsel to the shareholders of Levi Strauss & Co., who consist primarily of the descendants of the family of Levi Strauss and their relatives, in connection with the company’s IPO, which priced on March 20, 2019, including the adoption of a dual-class capital structure and new governance structures to benefit the family.
  • Work with numerous other companies and underwriters in connection with the adoption, interpretation, and restructuring of dual- and multi-class share structures at high-profile companies that include Alphabet, Juul, Under Armour, America Movil, Vale, and many other issuers based inside and outside the United States.

For more information, please see the official press releases here and here.