SAN FRANCISCO (CN) - A federal judge entered a final judgment approving a $23 million class action settlement of claims that video game developer Zynga artificially inflated its share prices.
Lead plaintiff David Fee claimed in the 2012 lawsuit that Zynga executives, aware of the company's poor financial condition, sold their shares in the company for hundreds of millions of dollars.
U.S. Magistrate Judge Jacqueline Scott Corley ordered that the settlement be awarded to a class defined as "all persons who purchased or otherwise acquired Zynga common stock Dec. 15, 2011 to July 25, 2012."
Up to 25 percent of the settlement fund - about $5.7 million - will go to attorneys' fees.
Jeffrey Norton, who represents the plaintiff, told Courthouse News in October 2015 that he expects about 100,000 class claimants.
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.