LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of CD Projekt S.A. (“CD Projekt” or the “Company”) (OTC: OTGLF, OTGLY) investors concerning the Company’s possible violations of the federal securities laws.
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.
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Whistleblower Notice: Persons with non-public information regarding CD Projekt should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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