Facebook Inc (NASDAQ:FB) and Zynga Inc (NASDAQ:ZNGA) have defeated class-action lawsuits that accuses the companies of civil wiretapping allegations connected to advertising practices. In a joint opinion filed last week on the two lawsuits, the Ninth US Circuit Court of Appeals ruled the advertising practices at issue did not involve wiretapping. The appeals court reinstated allegations that Facebook violated its terms of service for its users though.
Zynga Inc (NASDAQ:ZNGA) co-founder Mark Pincus has stepped down from overseeing all operational roles at the company. He will be shifting to non-executive chairman of Zynga and is giving up the title of chief product officer.
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Today Zynga has announced a soft launch of FarmVille 2: Country Escape along with two other updated core titles coming before the end of March. This is part of a strategy to shift into a mobile-focused company.
Zynga has spent $527 million to acquire U.K. based gaming company NaturalMotion. NaturalMotion is known for building franchises like CSR Racing and Clumsy Ninja. Zynga will pay $391 million in cash and 39.8 million in Zynga stock based on yesterday’s closing price. This will leave Zynga with $1.2 billion in cash and marketable securities on hand. Zynga also announced that they are laying off around 15% of their workforce. NaturalMotion raised $11 million in venture capital from investors such as Benchmark Capital and Balderton Capital.
Zynga, the popular game application company, is now testing out Bitcoins for application purchases. The Bitcoin option will be available on 7 games on Zynga.com, which includes FarmVille 2, CastleVille, ChefVille, CoasterVille, Hidden Chronicles, Hidden Shadows, and CityVille. Bitcoin is an open-source digital currency that is currently trading at about $1,000 per Bitcoin. Zynga is accepting Bitcoin through payment processor BitPay.
Zynga Inc (NASDAQ:ZNGA) co-founder Justin Waldron is stepping down from the company after working there for six and a half years. Waldron did not specify what he would be doing next.
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