Zynga accused of insider trading

Tuesday, July 31, 2012

The maker of the popular web video game, Farmville, has been hit with a class action lawsuit alleging insider trading.

The suit claims executives of San Francisco-based Zynga knew the company was struggling when they sold millions of shares before announcing a substantial drop in projected earnings.

Last week Zynga reported second quarter earnings of 23 to 29 cents a share. Since that time, the company's shares have dropped 40 percent.

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zynga, lawsuit, IPO, technology
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