MISSED ITS MARK: Pincus speaking during the Zynga Unleashed event in San Francisco, California. The social gaming company was hit by a pair of lawsuits from shareholders accusing it of failing to warn about declines in user and revenue growth before disastrous results sent its shares plunging more than 40% to a record low. — Reuters
SAN FRANCISCO: Zynga Inc was hit by a pair of lawsuits from shareholders accusing the FarmVille creator of failing to warn about declines in user and revenue growth before disastrous results sent its shares into a tailspin last week.
Two California law firms filed lawsuits seeking class-action status on behalf of stockholders this week, taking the company to task for allegedly concealing threats to its business and sales growth, such as Facebook platform changes that made it easier for users to find rival games.
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