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Thursday, July 26, 2012 1:13:23 PM
We do NOT want a lawsuit of that magnitude. I understand it could be a case of ambulance chasing, but I was tempted to call them, I have losses of over $100k on this stock.. and if I wasn't already suing them, I would have called them.
I repeat, as a shareholder, you would NOT want a class action, us shareholders will maximum get $1 per share as a settlement, or worse, nothing..
Remember, Pincus has those class C shares. Even though he committed the fraud, he could pay himself for stock damages as well. Then in that case, he gets paid out first.
Lots of bad things can happen here if a lawsuit does happen.
To put things into perspective. 471 million shares in the float right now... Multiply that by $5 - $10 to see what type of damages a class action would sue for. And then ask yourself what amount Zynga can even pay and would the business go to shit at that point? Of course it would.
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