As we wrote three weeks ago when we broke the news of Pincus’ Pacific Heights purchase:
While Zynga is currently trading at $5.57 per share, 44 percent under its IPO price of $10 per share, a few insiders including CEO Mark Pincus managed to dump over $500 million worth of Zynga stock at $12 per share in a secondary offering, the proceeds of which went into the insiders’ pockets rather than the coffers of the company.
Following a just reported $22.8 million loss in the second quarter, versus a $1.4 million gain last year, the stock is currently trading at $3.20 per share, down 37 percent in after-hours trading, down 47 percent since June 1.
∙ While Zynga Trades Down, Pincus Trades Up [SocketSite]
∙ A Tough Week On The Street And Close To Home [SocketSite]