RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased CD Projekt S.A. ("CD Projekt" or the "Company") (OTC BB: OTGLF, OTGLY) securities during the period from January 16, 2020 through December 17, 2020 inclusive (the “Class Period”).
CD Projekt shareholders may, no later than February 22, 2021 move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of CD Projekt and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
The complaint alleges that throughout the Class Period, defendants made 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On December 14, 2020, facing criticisms for delivering an unplayable, bug-ridden product on the current generation video game consoles the Company held a conference call. Following the conference call the Company's ADRs fell from its close of $27.68 on December 9, 2020 to close at $20.75 on December 14, 2020, a drop of $6.93 or 25% over 3 trading days, damaging investors. Over that same period, CD Projekt's common share price fell $21.65 per share, or 20.1% to close at $86.00 on December 14, 2020, damaging investors.
Then, on December 18, 2020, Sony issued a statement via the Playstation website that it would "offer a full refund for all gamers who have purchased Cyberpunk 2077 via PlayStation Store" and "be removing Cyberpunk 2077 from Playstation Store until further notice." Microsoft also announced that it would offer refunds for the game.
On this news, CD Projekt's ADR price fell $3.44 per share, or 15.8% to close at 18.40 per ADR on December 18, 2020, damaging investors. CD Projekt's common share price fell $9.20 per share, or 10.45% to close at $78.80 on December 18, 2020, damaging investors.
If you are a member of the class, you may, no later than February 22, 2021 request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.