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CD Projekt S.A. (OTGLY, OTGLF) Investor Securities Class Action Lawsuit 12/24/2020

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Lawsuit Overview

Company
CD Projekt S.A.
Security
OTC: OTGLF
OTC: OTGLY

Case Name
CD Projekt Shareholder Class Action Lawsuit 12/24/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Summary

December 24, 2020 - An investor in shares of CD Projekt S.A. (OTGLY, OTGLF) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by CD Projekt S.A. in connection with certain allegedly false and misleading statements made between January 16, 2020 and December 17, 2020.

Poland based CD Projekt S.A., through its subsidiaries, engages in the development and digital distribution of videogames worldwide. CD Projekt S.A. reported that its annual Total Revenue rose from $362.9 million in 2018 to $522.3 million in 2019, and that its EBIT increased from $123.16 million in 2018 to $189.74 million in 2019.

On December 18, 2020, Market Insider reported that Sony announced on Friday that it was pulling [Cyberpunk 2077] from its PlayStation Store and offering full refunds to players following a wave of complaints about the long-awaited title. The Market Insider report also quoted the Company's co-CEO stating during an analyst call that [a]fter three delays, we were too focused on releasing the game, and [w]e ignored signals about the need for additional time to refine the game on the base last-gen consoles.

Shares of CD Projekt S.A. declined from $31.56 per share on December 4, 2020, to as low as $17.35 per OTGLY share, respectively $120.05 per share on December 7, 2020 to as low as $69.52 per OTGLF share.

According to the complaint the plaintiff alleges on behalf of purchasers of CD Projekt S.A. (OTGLY, OTGLF) common shares between January 16, 2020 and December 17, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between January 16, 2020 and December 17, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Cyberpunk 2077 was virtually unplayable on the current-generation Xbox or Playstation systems due to an enormous number of bugs, that 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, that consequently, CD Projekt would suffer reputational and pecuniary harm, and that 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.