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Zynga Inc (NASDAQ:ZNGA) Investor Filed Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

  • If you are a current long-term stockholder in shares of Zynga Inc (NASDAQ:ZNGA), you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Zynga Inc
Security
NASDAQ: ZNGA

Case Name
Zynga Shareholder Derivative Lawsuit 08/03/2012
Type of Lawsuit
Stockholder Derivative Action
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Summary

August 3, 2012 (Shareholders Foundation ) - An investor who holds NASDAQ:ZNGA shares filed a lawsuit against certain directors of Zynga Inc (NASDAQ:ZNGA) over alleged breaches of fiduciary duties.
The plaintiff alleges that the defendants breached their fiduciary duties and violated California Corporations Code section 25402 in connection with Zynga’s initial public offering in December 2011, the secondary offering in April 2012, and allegedly made false or misleading statements regarding the Company’s business and financial projections.

Zynga Inc reported that its annual Revenue rose from $121.47 million in 2009 to $1.14billion in 2011. Shares of Zynga Inc (NASDAQ:ZNGA) grew from $9.50 in December 2011 to as high as $14.69 per share in March 2, 2012.

Then on July 25, 2012, Zynga Inc (NASDAQ:ZNGA) reported its second quarter 2012 financial results. Among other things, Zynga Inc announced a net loss of $22.8 million for the second quarter of 2012. In addition, Zynga Inc announced that it is lowering its outlook for 2012.

Shares of Zynga Inc (NASDAQ:ZNGA) dropped from $5.078 per share on July 25, 2012, to $3.02 per share on July 26, 2012.