The performance of the IPO class of 2011-12 has been a mixed bag, especially as far as tech companies go. However, one of the most spectacular failures in terms of performance has been social gaming shop Zynga (NASDAQ:ZNGA), whose initial public investors are currently in the red to the tune of a 70% loss.

A major piece of that loss occurred earlier this month, when the company announced steep layoffs and several other overhead reductions, prompting its stock to crater once more. However, as the saying goes, could one investor's trash be another's treasure? It certainly is true that the company is now significantly cheaper, so could this be the perfect chance to buy what now amounts to a turnaround story in the making?

Fool contributor Andrew Tonner has no position in any stocks mentioned, and neither does The Motley Fool. Follow Andrew and all his writing on Twitter @AndrewTonnerTry any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.