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Zynga wins dismissal of fraud lawsuit linked to IPO

26
Feb
2014

Zynga Inc has won the dismissal of a lawsuit in which shareholders accused the online gaming company of fraudulently misleading them about its financial and business prospects before and after its December 2011 initial public offering. U.S. District Judge Jeffrey White in San Francisco said that despite their excessively long and prolix 110-page complaint, the shareholders failed to include relevant, basic factual details to support their claims against Zynga, company officials including founder Mark Pincus, and underwriters led by Morgan Stanley and Goldman Sachs Co. White also dismissed claims linked to an April 2012 secondary stock offering, saying the named plaintiffs lacked standing because they did not buy shares in that offering.

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