NEW YORK, February 11, 2021 (GLOBE NEWSWIRE) – Scott + Scott Rechtsanwälte LLP (“Scott + Scott”), an international shareholder and consumer litigation firm, is reminding investors that class actions are pending against CD Projekt SA (“CD Projekt” or the “Company”) (OTC: OTGLY, OTGLF) and some of its officers who allege violations of federal securities laws. If you purchased CD Projekt securities between January 16, 2020 and December 17, 2020 (the “Class Period”) and suffered a loss, please contact Attorney Joe Pettigrew for more information at (844) 818- 6982 or to obtain [email protected]. The deadline for the lead plaintiff ends on February 22, 2021.
CD Projekt deals with the development and digital distribution of video games worldwide. The company’s product portfolio includes Cyberpunk 2077.
The lawsuit alleges that the company made materially false and / or misleading statements and / or failed to disclose that: (1) Cyberpunk 2077 was virtually unplayable on 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) 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.
On December 10, 2020, the company launched Cyberpunk 2077 and consumers soon found that it was buggy and difficult to play. The company held a conference call on December 14, 2020 admitting it underestimated the scale and complexity of the issues facing Cyberpunk 2077 and stated that the company was inconsistent with its business philosophy in launching the game.
In the news, the price of CD Projekt American Depository Receipts (“ADRs”) (OTGLY) fell from $ 27.68 on December 9, 2020 to $ 20.75 on December 14, 2020, a decrease of over 25%.
Then on December 18, 2020, the company announced that Sony had made the decision to temporarily stop selling the game after speaking with the company.
On the news, CD Projekt’s ADRs (OTGLY) fell $ 3.49 per share or 15.8% to close at $ 18.50. and CD Projekt’s common stock (OTGLF) fell $ 9.20 per share, or 10.45%, to close at $ 78.80.
What you can do
If you bought CD Projekt-Securities between January 16, 2020 and December 17, 2020If you have any questions about this notice or your statutory rights, please contact Attorney Joe Pettigrew at (844) 818-6982 or [email protected]
About Scott + Scott Lawyers LLP
Scott + Scott has extensive law enforcement experience in key securities, antitrust, and retirement plan actions in the United States. The company represents pension funds, foundations, individuals and other companies worldwide with offices in New York, London, Connecticut, California and Ohio.
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