Latest Tech News - Zynga delaying IPO?
Results 1 to 1 of 1
  1. #1
    SuperMod
    vis~as's Avatar
    Member InfoShowcaseActivity StatusThanks / Tagging Info
    join date|Join Date
    Sep 2006
    post count|Posts
    8,928
    reputation|Rep Power
    249

    Latest Tech News - Zynga delaying IPO?

    Social gaming site Zynga may delay its initial public offering until November as a result of the current turmoil in the stock market, says today's New York Post.

    Zynga was looking to raise up to $1 billion by going public as early as September. But citing sources "with knowledge of Zynga's plans," the Post says the company has been concerned by the stock market's recent up-and-down ride, prompting it to back off on its IPO for now.

    Launched in 2007, Zynga has turned into a force for online social gaming with such popular titles as FarmVille, CityVille, and FrontierVille. The company offers certain games through Facebook but also provides several through various mobile platforms.

    Zynga, which could see more than $1 billion in sales this year, has been one of the most anticipated public offerings this year, according to the Post. The company's SEC filing pegged its valuation at $11 billion back in March. But the stock market chaos has put a damper on the overall IPO market.

    Beyond any stock market worries, Zynga has also reportedly raised some red flags with the Securities and Exchange Commission over its S-1 filing, the Post added.

    The SEC has told the company to stop using certain "non-traditional accounting measures" in its filing. It also expressed concerns that Zynga said it relied on a small number of paying customers for most of its sales. In an amended filing, the company admitted that less than 5 percent of its users pay for the virtual goods available through its games.

    Still not satisified, the SEC has been pressing for more details, which Zynga has been hesitant to provide, said one of the Post's sources.

    Zynga did not immediately respond to a request for comment.

    In another distraction, Zynga was recently named in a patent infringement lawsuit by a company called Agincourt Gaming, which is alleging the violation of two of its patents.





    Powered By WizardRSS.com | Full Text RSS Feed | Amazon Plugin | Settlement Statement | WordPress Tutorials

  2. # 1a
    India
    Latest Tech News - Zynga delaying IPO?

    Join Date
    Jan 2009
    Posts
    192
     

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Latest Tech News - Zynga-Facebook exclusivity goes far beyond credits
    By vis~as in forum Technology News, Updates & Reviews
    Replies: 0
    Last Post: 19th July 2011, 06:45
  2. Latest Tech News - Zynga makes privacy a game with PrivacyVille
    By vis~as in forum Technology News, Updates & Reviews
    Replies: 0
    Last Post: 7th July 2011, 20:13
  3. Technology news - Zynga Will File IPO Paperwork Today, GreenCrest Capital Says
    By appus in forum Technology News, Updates & Reviews
    Replies: 0
    Last Post: 29th June 2011, 07:48
  4. Latest Tech News - Zynga IPO: Like Facebook, but sharper
    By vis~as in forum Technology News, Updates & Reviews
    Replies: 0
    Last Post: 29th June 2011, 02:14
  5. Latest Tech News - IPO values Zynga at $15 billion to $20 billion
    By vis~as in forum Technology News, Updates & Reviews
    Replies: 0
    Last Post: 28th June 2011, 23:27

User Tag List

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •