Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against CD Projekt S.A. and Encourages Investors to Contact the Firm
Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the US District Court for the Central District of California on behalf of investors, CD Projekt SA (Other OTC: OTGLY, OTGLF) Securities between January 16, 2020 and December 17, 2020 (the “Class Period”). Investors have until February 22, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.
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For several years now, the company has devoted essentially all of its resources to developing Cyberpunk 2077, which the company described as an “open, narrative role-playing game.”
The company launched Cyberpunk 2077 on December 10, 2020. Consumers soon found that the current generation console versions of Cyberpunk 2077 were buggy and difficult to play. IGN posted a scathing review stating that the console versions “fail” One should expect to achieve the lowest technical quality, even when playing on hardware in the lower price range. [Cyberpunk 2077] The performance is so poor that it is difficult to contemplate fighting, driving, and what else is a storytelling masterpiece. “
As of the release, the company’s ADRs fell from their closing price of $ 27.68 on December 9, 2020 to $ 20.75 on December 14, 2020, a decrease of $ 6.93, or 25% over 3 trading days and investors harms. Over the same period, CD Projekt’s common stock (OTGLF) fell $ 21.65 per share, or 20.1%, to close at $ 86.00 on December 14, 2020.
On December 18, 2020, Sony made a statement on the Playstation website that “all players who purchased Cyberpunk 2077 through the PlayStation Store will be offered a full refund” and that “Cyberpunk 2077 will be removed from PlayStation Store until further notice “. Microsoft also announced that it would offer refunds for the game. On the same day, the company announced that Sony’s decision to “temporarily suspend” sales of the game was made after speaking with the company.
The story goes on
In the news, CD Projekt’s ADR (OTGLY) price fell $ 3.44 per share, or 15.8%, to close at $ 18.50 per ADR on December 18, 2020, hurting investors. CD Projekt’s common stock (OTGLF) fell $ 9.20 per share, or 10.45%, to close at $ 78.80 on December 18, 2020.
The complaint filed on December 24, 2020 alleges that throughout the classroom period, defendants made false and / or misleading statements and / or failed to disclose that: (1) Cyberpunk 2077 on current generation Xbox or Playstation systems due to the maturity was practically unplayable to an enormous number of errors; (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) As a result, CD Projekt would suffer damage to its reputation and property. and (4) as a result, Defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times. When the real details hit the market, the lawsuit alleged that investors suffered damage.
If you have purchased CD Projekt securities during the class period and have suffered a loss, have information, want to learn more about these claims, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Brandon Walker . Melissa Fortunato or Marion Passmore by emailing firstname.lastname@example.org, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210216005987/de/
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.