Zynga Inc (NASDAQ:ZNGA) has taken a new step in regards to growing legal headaches that is currently bearing. The company has added two seats to the board to accommodate two new members who will be tasked with handling the prevailing litigation. The two new directors; Janice Roberts and Carol Mills will have comprehensive authority in their new roles. They will manage the claims against certain former and current Zynga officers and directors. The victims are facing three shareholder derivative suits in various’ state of federal courts.
If need be, Roberts and Mills can engage attorneys and advisors. They will be required to investigate the matters and eventually prepare reports and recommendations on the directions the company should take.
The news of the new appointments came into the limelight through a securities filing by the online gaming company, which first spotted by Footnoted. The filing states that the company’s board has created a “Special Ligation Committee” that will look into issues regarding some of its officials. The suits come at a very sensitive time for Zynga and as it fights back for market presence having closed stock at $2.54 per.
Zynga is among those condemning President Donald Trump’s executive order on immigration
Ninety-seven companies among them Zynga and Apple Inc. (NASDAQ:AAPL) have come out to express disapproval of President Donald Trump’s executive order seeking to ban immigrants. Together with others, they have filed an emotional legal brief in the Ninth Circuit Court of Appeals. The amicus brief details the significance of the immigrants in country’s economy and society.
In part, the brief reads, “Immigrants make many of the Nation’s greatest discoveries, and create some of the country’s most innovative and iconic companies.”
The ban has temporarily been lifted by a US District judge
Several large tech companies are on the verge of signing an open letter to President Trump. However, they will not only be expressing their apprehension on the immigration order but they will also be offering to help in fixing the policies if the need arises. In the meantime, the ban has temporarily been lifted; hence refugees and visa holders from seven Muslim-majority countries are free to enter the US.
Meanwhile, Zynga’s stock was trading at $2.57 witnessing an increase of $0.03 or 1.18%.