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Saturday, February 24, 2024
Courthouse News Service
Saturday, February 24, 2024 | Back issues
Courthouse News Service Courthouse News Service

Zynga Shareholder Settlement a Done Deal

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.

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