Wendy Lee, a former Zynga product manager, has files a lawsuit against the social gaming giant for their policies regarding stock sales. According to Lee, Zynga barred its employees from selling their stock shares for 185 days after the public offering on December 16, 2011. Unfortunately, this restriction was lifted for some executives and other employees with high ranking positions. As a result, the stock was sold at a very large return in very high quantities, and as time went on the stock’s value fell. By the time every other Zynga employee was able to sell his or her stocks their value had plummeted, which caused a huge financial loss. According to Lee, she lost nearly twenty thousand dollars in the exchange.
Lee is now asking the court to force Zynga to pay unspecified damages caused by the early sales. Zynga has not yet commented on the lawsuit.
Source: Bloomberg