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$516 million in shares sold over the last quarter
Several Zynga senior executives reportedly sold stock in the company ahead of its unexpected $22.8 million net loss. Executives that sold stock include CEO Marc Pingus, CFO David Wehner, COO John Schappert, and general counsel Reginald Davis. In one quarter, Zynga stock fell from a high of $12 to a low of $2.97 per share.
Executives were not the only group to execute well-timed trades prior to the losses. Zynga investors Ins utional Venture Partners sold 5.8 million shares for $70 million, Union Square Ventures sold 5.2 million shares for $62 million, and Google sold four million shares for $48 million.
Read more: http://www.electronista.com/articles....last.quarter/
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What does this mean for the games on my phone
insider trading, yawn
The timing certainly looks bad, but this is about ZNGA's lockup period expiring. We'll probably see something similiar with Facebook when their lockup period expires.
So I can no longer hang with friends?!??
Racket?
Well timed?
They probably knew what was likely, but major share holders have to disclose the sales they want to make in advance, and wait to make that sale. The disclosure is there for anyone to see, in fact, instead of having knowledge, their sales may have scared others into selling the stock into a free-fall.
Yeah, the fact that they stood to lose millions with the stock devaluation I'm sure didn't contribute at all to their decision to sell now.....sold stock in the company ahead of its unexpected $22.8 million net loss.
....and your an idiot...
Lol a buddy of mine bought this when it was $8-10 a share.
I just can't think everything is cozy with this... reeks of insider trading... you can't tell me they didn't know how the company was performing...
OMG...
I just looked into the insider trading activity of the company.
ElNoKnow...
Shame on you, bringing this smear campaign story without verifying the facts.
Almost all these sales were acquired and sold the same day. That means, these were something like stock options or a way of bonus payments to pay at capital gains rates instead of marginal rates of 35%.
all you idiots.
Oh cool another thread where Wild Cobra pretends to know something about finance.
No I don't think that's the case. As I recall, they did a secondary stock offering and along with that they moved up the date at which they could sell their shares and then they cashed out. That doesn't mean it was insider trading but it is enough to make you go hmmm.
Sure, they will to whatever they can withing the law. That's to be expected. However, I looked at three of those names that ElNoKnow's link listed, and every one of them acquired and sold the stated shares the same day. These are not shares that they were holding and knew the price was dropping, so they sold. This is also a long term pattern, for the entire history of transactions shown.
When I was with a company that had a stock purchase program, every time, I sold the same day I acquired the shares.
Again. It's not like these people had thousands of shares they were holding, and sold because they were seeing a future drop. I think these records went back two years, and the acquire and sell same day was a the norm. Not a recent development. All the major sales were acquired the same day. In that regard, there is zero fishiness, and ElNoKnow is seriously lame for posting a flat out hit piece without a simple verification of relevant fact.
ElNoKnow...
You should stop reading propaganda rags. They rot your brain.
I wonder how the world ever survived before wall st.
They had an option to purchase the stock. There is no reason to purchase the stock until you are ready to sell or your options are going to expire. The fact that they purchased and sold them on the same day has absolutely nothing to do with the charge of insider trading.
Tell us more about how you "looked into the insider trading activity of the company"... crofl
doesn't everyone publicize their insider trading?
The FTC would like to have a word with Cobra...doesn't everyone publicize their insider trading?
Now they're getting punched from every angle...
EA files lawsuit against Zynga for copyright infringement
Includes some additional info about the insider trading allegation (and apparently now, lawsuit).
I'm normally not one to stick up for WC, but it's not that hard, TBH.
http://finance.yahoo.com/q/it?s=ZNGA...r+Transactions
Those are insider transactions. Nothing wrong with them. Per SEC Rule 10b5-1, those transactions need to be done at very specific times, otherwise they're illegal (what is commonly known as "insider trading").
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