BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces 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 federal securities laws.
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.
If you purchased CD Projekt securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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