NEW YORK, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, reminds investors that class action lawsuits are pending against CD Projekt S.A. (“CD Projekt” or the “Company”) (OTC: OTGLY, OTGLF) and certain of its officers, alleging violations of federal securities laws. If you purchased CD Projekt securities between January 16, 2020 and December 17, 2020 (the “Class Period”), and have suffered a loss, you are encouraged to contact attorney Joe Pettigrew for additional information at (844) 818-6982 or jpettigrew@scott-scott.com . The lead plaintiff deadline is February 22, 2021.
CD Projekt engages in the development and digital distribution of videogames worldwide. The Company’s product portfolio includes Cyberpunk 2077.
The lawsuit alleges that the Company made materially false and/or misleading statements and/or failed to disclose 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’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 10, 2020, the Company launched Cyberpunk 2077 and consumers soon discovered that it was error-laden and difficult to play. The Company held a conference call on December 14, 2020, admitting that it underestimated the scale and complexity of Cyberpunk 2077’s issues and stating that the Company acted inconsistently with its business philosophy in launching the game.
On this news, the price of CD Projekt American Depository Receipts (“ADRs”) (OTGLY) fell from its close of $27.68 on December 9, 2020 to close at $20.75 on December 14, 2020, a drop of over 25%.
Then, on December 18, 2020, the Company disclosed that Sony made the decision to “temporarily suspend” sales of the game after a discussion with the Company.
On this news, the price of CD Projekt’s ADRs (OTGLY) fell $3.49 per share, or 15.8%, to close at $18.50; and, CD Projekt’s common share (OTGLF) price fell $9.20 per share, or 10.45%, to close at $78.80.
What You Can Do
If you purchased CD Projekt securities between January 16, 2020 and December 17, 2020 , or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or jpettigrew@scott-scott.com .
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6982
jpettigrew@scott-scott.com
