A former Zynga product manager has sued the Farmville maker. As reported by Bloomberg, Wendy Lee claims Zynga barred non-executives from selling their shares following the initial public offering in 2011, while management was able to cash out.
According to the lawsuit, Zynga executives "nearly doubled the proceeds from their [stock] sales" by being allowed to sell early. When Lee and other non-executives were allowed to sell, Zynga's share value had fallen 49.3 percent, she said.
Lee said she acquired 30,000 shares at $3.805 each and sold them for $3.15, for a net loss of $19,650. She has asked the court to order those who capitalized on "early sales" to pay unspecified damages to her and other non-executive shareholders.
A Zynga representative was not immediately available to comment.
Zynga CEO Mark Pincus recently reduced his annual salary to $1 and established a new performance-based compensation program for top management at the company.
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