Press release from Business Wire
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Zynga Inc.
Saturday, August 11, 2012
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Zynga Inc.19:00 EDT Saturday, August 11, 2012 BENSALEM, Pa. (Business Wire) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all purchasers of the securities of Zynga Inc. (“Zynga” or the “Company”) (NASDAQ:ZNGA), between April 3, 2012 and July 25, 2012, inclusive (the “Class Period”). Zynga provides social game services, accessed principally via the facebook.com website. It generates revenue primarily through advertising and the in-game sale of “virtual goods” to players. 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. No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Zynga securities between April 3, 2012 and July 25, 2012, you have certain rights, and have until October 1, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com. Law Offices of Howard G. SmithHoward G. Smith, Esquire215email@example.com