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Zynga Sued For Allowing Executives To Dump Stock Early
A former Zynga product manager by the name of Wendy Lee is suing her previous employers over discrepancies in the firm's policies surrounding stock sales. Following the mobile and social game publisher's initial public offering on December 16, 2011, employees and other existing shareholders were prohibited from selling the shares they already held for 165 days.
According to the filing, top executives were cleared to sell off early. When those employees (current and former) who weren't included in the waiver were finally able to trade, share value had dropped nearly 50%. Lee is seeking damages on behalf of those individuals who were locked out due to the IPO.
Recently, we reported that Zynga was trying to stem the tide of executive departures with a new performance-based compensation structure.
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