Zynga Forced to Amend SEC Filings Ahead of IPO
Original filings contained 'material weakness'
Zynga is following in Groupon’s footsteps to become the second IPO-bound tech company this week to amend its Securities and Exchange Committee filings, reports the New York Post.
Yesterday, Zynga was forced by the SEC to restate its Q1 results after the commission found a “material weakness” in its accounting method. The SEC asked that Zynga focus on strict revenue instead of the less traditional “bookings” metric it used in its first filing, which calculated sales of virtual goods in Zynga games like FarmVille and CityVille.
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