Investors with losses are encouraged to contact the firm before February 22, 2021; click here to submit trade information
LOS ANGELES, Jan. 12, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of CD Projekt S.A. (OTC: OTGLY) investors that acquired shares between January 16, 2020 and December 17, 2020. Investors have until February 22, 2021 to seek an active role in this litigation.
Investors are encouraged to contact attorney Lesley F. Portnoy , to determine eligibility to participate in this action, by phone 310-692-8883 or email , or click here to join the case.
It is alleged in the complaint that CD misled investors about the fact that Cyberpunk 2077, its highly anticipated videogame, was virtually unplayable on the current-generation PlayStation or Xbox systems, due to an overwhelming amount of bugs, and it was thus reasonably foreseeable that Cyberpunk 2077 would be removed by Sony from the PlayStation store, forcing vendors to offer full refunds for the game.
On January 16, 2020, a five-month delay in the launch of Cyberpunk 2077, from April 2020 to September 2020, was announced by CD Project and portrayed that the "game is complete and playable." Cyberpunk 2077 was finally released on December 10, 2020, after subsequent delays, and players immediately reported a host of issues and bugs, rendering the game unplayable.
Bloomberg reported on December 18, 2020 that Sony had announced Cyberpunk 2077 would be pulled from its PlayStation store, and that full refunds to players would be offered. In a Twitter post that same day, CD Projekt advised that "following [its] discussion with PlayStation, a decision was made to temporarily suspend digital distribution" of the game. CD Project CEO Adam Kicinski was also quoted in Market Insider as stating during an analyst call that, "[a]fter three delays, we were too focused on releasing the game," and "[w]e ignored signals about the need for additional time to refine the game on the base last-gen consoles."
The price of CD Projekt's American Depository Receipts (ADRs) price fell precipitously following this news, with OTGLY declining $3.44 per ADR (16%) to close at $18.50, and OTGLF declining $9.20 per ADR (10%) to close at $78.80 on December 18, 2020.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 22, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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