Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In CD Projekt To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 investing in CD Projekt stock or options between January 16, 2020 and December 17, 2020 and would like to discuss your legal rights, please fill out the form below, or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
There is no cost or obligation to you.
Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against CD Projekt S.A. (“CD Projekt” or the “Company”) (OTCMKTS:OTGLF, OTCMKTS:OTCLY ) and reminds investors of the February 22, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 the Company would be forced to offer full refunds for the game; (3) consequently, the Company 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.
Specifically, on December 14, 2020, facing criticisms for delivering an unplayable, bug-ridden product on the Consoles, the Company held a conference call. During the call, Defendant Kicinski called the Current-Generation Console versions “way below our expectations”.
During that same call, Defendant Nielubowicz stated “we definitely did not spend enough time looking at that,” when referring to issues with the Current Generation Console versions.
Following the release, 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 (OTGLF) 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.
That same day, the Company stated that Sony’s decision to “temporarily suspend” sales of the game came after a discussion with the Company.
On this 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, damaging investors. CD Projekt’s common share (OTGLF) price fell $9.20 per share, or 10.45%, to close at $78.80 on December 18, 2020, damaging investors.
CD Projekt S.A.
* The submission of this form does not create an attorney-client relationship.
Filed on 12/22/2020
Ticker OTCMKTS:OTGLF, OTCMKTS:OTGLY
Class period 01/16/2020 - 12/17/2020
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James M. Wilson, Jr. firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331