NEW YORK, Dec. 30, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of CD Projekt S.A. ("CD Projekt" or the "Company") (OTC BB: OTGLF, OTGLY) from January 16, 2020 through December 17, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased CD Projekt securities, and/or would like to discuss your legal rights and options please visit CD Projekt S.A. Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed 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 CD Projekt would be forced to offer full refunds for the game; (3) consequently, CD Projekt 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On December 14, 2020, facing criticisms for delivering an unplayable, bug-ridden product on the current generation video game consoles the Company held a conference call. Following the conference call 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 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.
On this news, CD Projekt's ADR price fell $3.44 per share, or 15.8% to close at 18.40 per ADR on December 18, 2020, damaging investors. CD Projekt's common share price fell $9.20 per share, or 10.45% to close at $78.80 on December 18, 2020, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than February 22, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member..
If you purchased CD Projekt securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/cdprojektsa-otglf-otgly-shareholder-class-action-lawsuit-stock-fraud-350/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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