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Glancy Binkow & Goldberg LLP Announces Expanded Class Period In Class Action Lawsuit Against Zynga Inc


Tuesday, 11 Sep 2012 09:45pm EDT 

Glancy Binkow & Goldberg LLP announced that the Class Period has been expanded in the securities fraud class action lawsuit pending in the United States District Court for the Northern District of California against Zynga Inc. The lawsuit was filed on behalf of a class (the Class) comprising all purchasers of Zynga securities between December 15, 2011 and July 25, 2012, inclusive (the Class Period). The Complaint alleges that the defendants issued false and/or misleading statements or failed to disclose material adverse facts about Zynga’s business and financial prospects, including 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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25 Jul 2014