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To say the last two weeks have been unkind to Zyngais a bit of an understatement. The company's stock has plunged roughly 45 percent. It reported an earnings shortfall. Guidance was reduced. And it found itself on the receiving end of a lawsuit from one of the videogame industry's biggest publishers.
The hits just keep on coming for a company that not long ago was the poster child for the next big thing in gaming. More bad news for Zynga could be on the way.
One Aug. 16, the lock-up period on 150 million employee stock options will expire — and while the stock is hardly the windfall many workers were hoping for, some money is better than none.
Zynga used stock options as a major recruitment tool in its pre-IPO days. Developers were lured from the traditional console industry not so much because they believed in the company's future (though that was certainly part of the appeal), but because of the temptation of sudden wealth when the company went public.
At the time, a Zynga stock explosion seemed a sure thing. Things change, though. And employees considering another career shift could be waiting for that lock-up period to expire before departing.
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