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Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Zynga Inc


Friday, 17 Aug 2012 10:00pm EDT 

Law Offices of Howard G. Smith announced that all purchasers of the securities of Zynga Inc between April 3, 2012 and July 25, 2012, inclusive (the Class Period), have until October 1, 2012 to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Northern District of California. The Complaint alleges that throughout the Class Period the defendants issued false and/or misleading statements or failed to disclose material adverse facts about Zynga`s business and financial prospects. Specifically, the Complaint alleges that: (i) despite a sustained decline in users of the Company`s games and declines in average bookings per user, Zynga issued positive financial forecasts between February and April 2012 that were not justified in light of the Company`s financial performance and trends; and (ii) the positive forecasts enabled senior executives and selected investors to sell nearly $600 million of Zynga shares at inflated prices in early April 2012 - approximately two months before a lock-up period previously agreed to by Zynga executives was scheduled to expire. 

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11 Jul 2014