Well, I'm suing Zynga already, the lawsuit will go out soon to them, but it is not for a big amount. In the case of a class action (seriously, you wouldn't want this to happen as a shareholder) against Zynga, the company would basically be liquidated if they lose. they're worth about 1.3 billion right now in cash+assets and common stock shareholders would be paid LAST for all their losses.
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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