PHILADELPHIA, Aug. 3, 2012 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, Northern District of California, 12-cv- 4066 on behalf of all persons who purchased the common stock of Zynga (Nasdaq:ZNGA), during the period December 26, 2011 through July 25, 2012 against Mark Pincus, David M. Wehner and John Schappert for violations of the Securities and Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants issued false and misleading statements regarding Zynga's business and prospects, including in Registration Statements and Prospectuses for the Company's initial public offering ("IPO") and secondary offering of its Class A common stock. As a result of defendants' false statements, Zynga stock traded at artificially inflated prices during the Class Period, reaching a high of $14.69 per share on March 2, 2012.
Then on July 25, 2012, the Company issued a press release announcing second quarter fiscal 2012 financial results below Wall Street estimates, stating that the Company had experienced a sequential decline in bookings. The Company also substantially reduced its fiscal 2012 bookings and earnings per share outlook, explaining that the prospects for its March 21, 2012 acquisition of OMGPOP, a creator of social networking games and a particularly popular game called "Draw Something," had dimmed, and that changes to Facebook's web platform had hurt its results and outlook. On July 26, 2012, the Company's stock price plummeted 37% in response to the July 25, 2012 announcement of the Company's financial results, closing at $3.17 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of Zynga common stock during the Class Period (the "Class"). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to serve as lead plaintiff, you must move the Court no later than October 1, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. To discuss this action or any questions concerning this notice, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. A copy of the complaint can be viewed at www.bernardmgross.com.
Plaintiffs are represented by Law Offices Bernard M. Gross, P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Any questions, PLEASE CONTACT:
Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esquire
Deborah R. Gross, Esquire
Telephone: 866-561-3600 (toll free)
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com ;