Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired CD Projekt S.A. (“CD Projekt” or the “Company”) (OTC: OTGLF , OTGLY ) securities between January 16, 2020 and December 17, 2020 , inclusive (the “Class Period”). CD Projekt investors have until February 22, 2021 to file a lead plaintiff motion.
If you suffered a loss on your CD Projekt investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/cd-projekt-sa/ . You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
CD Projekt develops and distributes videogames worldwide. Cyberpunk 2077 is an “open world, narrative-driven role-playing game” that was slated to be released in April 2020.
On December 10, 2020, CD Projekt launched Cyberpunk 2077, and consumers discovered that the Current-Generation Console versions of the game were filled with errors and difficult to play. One article stated the game “performs so poorly that it makes combat, driving, and what is otherwise a master craft of storytelling legitimately difficult to look at.”
On December 14, 2020, the Company held a conference call during which the joint Chief Executive Officer (“CEO”) Adam Michal Kicinski admitted that CD Projekt “underestimated the scale and complexity of the issues” and “ignored the signals about the need for additional time to refine the game on the base last-gen consoles.”
Following the game’s release, the price of CD Projekt’s American Depositary Receipts (“ADRs”) fell $6.93, or 25% over three consecutive trading sessions to close at $20.75 per ADR on December 14, 2020, thereby damaging investors. Over the same period, the price of the Company’s common shares fell $21.65, or 20.1%, to close at $86.00 on December 14, 2020, thereby damaging investors.
On December 18, 2020, Sony and Microsoft issued statements offering refunds for those who had purchased Cyberpunk 2077, citing “a wave of complaints about the long-awaited title.”
On this news, the price of the Company’s ADRs fell $3.44, or 15.8%, to close at $18.50 per ADR on December 18, 2020. The price of the Company’s common share price fell $9.20, or 10.45%, to close at $78.80 on December 18, 2020, thereby damaging investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Cyberpunk 2077 was virtually unplayable on the current-generation Xbox or Playstation systems due to an enormous number of bugs; (2) as a result, Sony would remove Cyberpunk 2077 from the Playstation store, and Sony, Microsoft and CD Projekt would be forced to offer full refunds for the game; (3) consequently, CD Projekt would suffer reputational and pecuniary harm; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired CD Projekt securities during the Class Period, you may move the Court no later than February 22, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com , or visit our website at www.glancylaw.com . If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com