Cincinnati, OH (PRWEB) September 21, 2012
Statman, Harris & Eyrich, LLC, representing investors of Zynga Inc. (“Zynga” or the “Company”), announces that a class action lawsuit has been filed against the Company and certain of its officers and directors in the United States District Court for the Northern District of California on behalf of a class (the “Class”) consisting of all persons or entities who purchased Zynga securities between December 15, 2011 through July 25, 2012, inclusive (the “Class Period”) (Case No. 12-cv-4629). A copy of the Complaint is available from the court or by contacting the law firm.
The Complaint alleges that throughout the Class Period, 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 Zynga failed to disclose that it was experiencing a sharp drop-off in users of its most profitable web games, and delays in developing new games to launch on social media platforms. In its July 25, 2012 press release, Zynga announced lower than expected earnings and lowered 2012 guidance. Upon this news, according to stock market reports on http://www.nasdaq.com, shares of Zynga common stock plummeted 37% to a trading low of $2.97 per share on heavy trading volume.
Additionally, the Complaint alleges that insider defendants sold millions of shares for proceeds of more than $500 million, cashing out right before the stock imploded.
Any member of the Class who meets certain legal requirements may move the Court, no later than October 1, 2012 to serve as lead plaintiff. To discuss this action further, please contact Jeffrey P. Harris, Esq. at (513) 345-8181 or by e-mail at jharris (at) statmanharris (dot) com.
Statman, Harris & Eyrich, LLC, which has significant experience in consumer and securities fraud class actions and derivative litigation, has offices in Chicago, Illinois; Bloomfield Hills, Michigan; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. http://www.statmanharris.com Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Jeffrey P. Harris, Esq.
Statman, Harris & Eyrich, LLC
441 Vine Street, Suite 3700
Cincinnati, Ohio 45202
jharris (at) statmanharris (dot) com