Zynga Inc (NASDAQ: ZNGA) Investor Securities Class Action Lawsuit 07/30/2012

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Company Name(s): 
Zynga
Case Name: 
Zynga Shareholder Class Action Lawsuit 07/30/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ZNGA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/30/2012
Class Period Begin: 
12/16/2011
Class Period End: 
07/25/2012
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
10/01/2012
Date Settled: 
10/27/2015
Settlement Amount: 
$23,000,000
Deadline to Participate in Settlement: 
03/11/2016
Settlement Notice: 
Settlement Proof: 
Summary: 

November 9, 2016 - The court ordered the authorization of the distribution of the net settlement fund.

March 18, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

January 14, 2016 - The Court entered an order extending the deadlines for those who received delayed notice.

October 27, 2015 - The court preliminarily approved the settlement.

October 15, 2015 - Parties filed a stipulation of settlement.

March 25, 2015 - The court denied defendants' motion to dismiss.

May 2, 2014 - The defendants filed a motion to dismiss.

March 31, 2014 - The lead plaintiff filed an amended complaint.

February 25, 2014 - The court granted the defendants' motions to dismiss and granted plaintiff leave to file an amended complaint.

May 31, 2013 - The defendants filed motions to dismiss.

April 3, 2013 - The lead plaintiff filed an amended consolidated complaint.

January 23, 2013 - Lead plaintiff and lead counsel were appointed.

July 31, 2013 - Another investor filed a complaint.

July 30, 2012 - An investor in shares of Zynga Inc (NASDAQ: ZNGA) filed a lawsuit in the U.S. District Court for the Northern District of California against Zynga Inc over alleged violations of Federal Securities Laws in connection with certain financial statements.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of Zynga Inc (NASDAQ: ZNGA) between December 16, 2011 and July 25, 2012, including those investors who acquired Zynga Inc (NASDAQ: ZNGA) stock pursuant to and/or traceable to its secondary stock offering, that the defendants violated the Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10(b)(5) promulgated thereunder.

Specifically, the plaintiff alleges that the defendants issued allegedly false and misleading statements and omissions, including a false and misleading Registration Statement and Prospectus in connection with Zynga’s secondary offering, about its business, operations, and growth prospects.

Zynga Inc (NASDAQ: ZNGA) reported that its annual Revenue skyrocketed from $19.41 million in 2008 to $1.14 billion 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.

On July 31, 2012, Zynga Inc (NASDAQ: ZNGA) shares closed at $2.95 per share.