Rosen Law Firm Files Securities Class Action Lawsuit Against CD Projekt S.A

[Shard Shinjuku]

EQUITY ALERT: Rosen Law Firm Files Securities Class Action Lawsuit Against CD Projekt S.A. – OTGLY, OTGLF

Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of CD Proje

www.businesswire.com

NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of CD Projekt S.A. (OTC: OTGLY, OTGLF) between January 16, 2020 and December 17, 2020, inclusive (the "Class Period"). The lawsuit seeks to recover damages for CD Projekt investors under the federal securities laws.

To join the CD Projekt class action, go http://www.rosenlegal.com/cases-register-2010.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period 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.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 22, 2021.

 

[Xterrian]

Good

 

[s y]

cut the check

 

[Budi]

You reap what you sow.

 

[dark494]

This is a second one?

CD PROJEKT SA CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating a potential securities class action lawsuit against CD Projekt SA

NEW YORK, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces an investigation of potential securities claims on behalf of shareholders of CD Projekt S.A. (OTC: OTGLY, OTGLF) (the “Company”) resulting from allegations that CD Projekt may have issued materially...

finance.yahoo.com

 

[Polyh3dron]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

 

[Lobster Roll]

Now that's punk!

 

[Tecnniqe]

Kinda off topic;
Isn't the PS5 and the Series consoles considered "current gen" now and PS4/One last generation?

anyways, they done fucked up

 

[Hyun Sai]

You can crunch your devs to the bone, be transphobic all you want, but don't ever, ever lie to an investor.

 

[Shard Shinjuku]

This is a second one?

CD PROJEKT SA CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating a potential securities class action lawsuit against CD Projekt SA

NEW YORK, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces an investigation of potential securities claims on behalf of shareholders of CD Projekt S.A. (OTC: OTGLY, OTGLF) (the “Company”) resulting from allegations that CD Projekt may have issued materially...

finance.yahoo.com

Click to shrink...

Yes.

 

[Budi]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

Click to shrink...

It does really seem so. They didn't do it "for the players". Only had their own best interest at heart. And nothing wrong with that, it's expected from business.

 

[Vic_Viper]

Has this ever happened before to a game studio over a game? Especially one that isnt online only or anything like that?

Like, ive seen countless class actions over consoles and peripherals, basically hardware. But never seen one for a single player only game.

 

[Arubedo]

 

[MistahS]

It's about to get spicy. Good luck to the workers there who weren't at fault of this mismanaged mess.

 

[SpottieO]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

Click to shrink...

This lawsuit is about lying to investors...

 

[NotVeryFriendly]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

Click to shrink...

It's ridiculous to try and separate the bolded from the underlined. CD Project Red's refund statement (which I agree was the ultimate reason for the removal) happened because of how poorly it ran and how grossly incompetent the last generation release's were.

Not only did it run in the low double digits, it crashed unacceptably frequently, and had an unacceptable lack of polish. The state of the game was hidden repeatedly by CDPR, and none of their pre-release statements hinted at the materially relevant fact that the game was far below acceptable on last generation consoles and could pose an investor risk (yet they gladly profited off this both through pre-orders and an inflated stock valuation).

If the game hadn't ran so unacceptably, CD Project Red would not have made the statement regarding the ability to get refunds.

That the game released in a state where CDPR's sales and reputation would be jeopardised over the lack of quality of the game, and there wasn't a hint of this to investors, is far beyond acceptable.

 

[KoopaTheCasual]

This lawsuit is about lying to investors...

Click to shrink...

I mean, that's what the comment you quoted says too, lol.

 

[JawesomeJaw]

For context, this is a law firm that, along with a few others, kind of throws a million of these against the wall and sees what sticks. You can click through and see they have sent out this same release about basically any company that has been in the news.

Search

The global leader in press release distribution and regulatory disclosure. Public relations and investor relations professionals rely on Business Wire for broad-based and targeted market reach.

www.businesswire.com

 

[SpottieO]

I mean, that's what the comment you quoted says too, lol.

Click to shrink...

I guess I misinterpreted the post 🤷🏽‍♀️

 

[ThreePi]

Since this is an investor's class action suit it might actually impact the company in a meaningful way versus a consume class action.

 

[orava]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

Click to shrink...

Absolutely. Anyone who thinks that sony(or ms) is a good guy in this debacle is a naive moron.

 

[Secretofmateria]

I wonder if this will put cd projekt red under? And if so, i hope the devs land on their feet. Regardless, i think this is a turning point for the industry. I think there will be much more hesitation now to show gameplay for things that are very far out. This was boiling for a long time, i think cdpr was just the tipping poinf

 

[Teiresias]

I look forward to discovery unearthing absolutely trash emails sent between the trash management of this trash company.

 

[Sei]

They did lie, at least publicly, the base console versions were not ready for launch.

 

[tokkun]

This seems like a tough case for the plaintiffs to win unless they can uncover some smoking gun internal communication at CDProjekt.

 

[sora bora]

I wonder if this will put cd projekt red under? And if so, i hope the devs land on their feet. Regardless, i think this is a turning point for the industry. I think there will be much more hesitation now to show gameplay for things that are very far out. This was boiling for a long time, i think cdpr was just the tipping poinf

Click to shrink...

I would dial back those expectations w/r/t CDPR and the industry. And by dial back, I mean crank it back.

 

[Ikarus]

This is going to be very costly.

 

[Matzpxl]

Happy christmas, CDPR!

 

[Sameer Sedlar]

There is no denying that CDPR fucked it up royally, and there needs to be counter measures.
But this ?, this is awful, the last thing I want is for CDPR to go under or suffer major strikes that the can never recover. CDPR is one talented studio that strayed from the path with Cyberpunk, but I really hope they can turn this whole situation around.

 

[Rosebud]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

Click to shrink...

Black Tiger is ugly, not broken. And CDPR can't give a "refund instruction" to a platform other than GOG lol

 

[Teiresias]

There is no denying that CDPR fucked it up royally, and there needs to be counter measures.
But this ?, this is awful, the last thing I want is for CDPR to go under or suffer major strikes that the can never recover. CDPR is one talented studio that strayed from the path with Cyberpunk, but I really hope they can turn this whole situation around.

Click to shrink...

Nah, nothing awful about it. Not going to weep for the transphobic studio's fate. I know the suit is a result of bottom line profit concerns and not the transphobia, but they're definitely not getting any sympathy.

 

[SofNascimento]

 

[takriel]

There is no denying that CDPR fucked it up royally, and there needs to be counter measures.
But this ?, this is awful, the last thing I want is for CDPR to go under or suffer major strikes that the can never recover. CDPR is one talented studio that strayed from the path with Cyberpunk, but I really hope they can turn this whole situation around.

Click to shrink...

No pity, no mercy, a company isn't your friend.

 

[AniHawk]

Click to shrink...

did someone from cdpr make the first two parts?

 

[gozu]

CDPR's defense will be "All games are a mess until the home stretch, we gave investors the best info available to us at the time. We can't predict the future. Move to dismiss!"

But I'm not sure I'd buy it as a judge. Game clearly looked next-gen.

 

[formasymphonic]

This seems like a tough case for the plaintiffs to win unless they can uncover some smoking gun internal communication at CDProjekt.

Click to shrink...

I would imagine there would be material regarding internal deadlines and delay decisions, and likely some stuff about marketing only the PC versions and crafting of the NDA stipulations (no console version footage, mandating only CDPR provided b-roll etc) that could be of note. It will depend on how much of that they discussed through work comms and how much they discussed under the table. As someone else in the thread said, the discovery portion may reveal a lot.

 

[Plasma]

What a mess.

 

[Ploid 6.0]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

Click to shrink...

Where are the Black Tiger ADs and screenshots that made it look like a totally different game at all times until the player played the game and got blobs of goop? The Cyberpunk situation is not like BT's, I bet I can look up Black Tiger store pages and it will look like it does on Playstation.

Found the ad on Playstation's channel.


I checked actual youtube videos of the gameplay and it matches up to this trailer. No false advertising there.

 

[Alvis]

Kinda off topic;
Isn't the PS5 and the Series consoles considered "current gen" now and PS4/One last generation?

anyways, they done fucked up

Click to shrink...

Yes. The second they launched they became the current gen.

 

[Le Dude]

This seems like it would have interesting repercussions in the industry. Cyberpunk has a bunch of issues, but does this mean any game with issues could lead to a lawsuit if the company doesn't say "game runs like shit" ahead of time?

 

[M.Bluth]

They deserve whatever coming their way.

 

[Ploid 6.0]

This seems like it would have interesting repercussions in the industry. Cyberpunk has a bunch of issues, but does this mean any game with issues could lead to a lawsuit if the company doesn't say "game runs like shit" ahead of time?

Click to shrink...

At most, publishers won't hide how the game really looks like on the platforms they put their game on. Also early videos, or allowed impression content from outside sources won't be as strict as Cyberpunk's unless they can back it up, and the game actually looks and play the way they have been advertising (Rockstar for example).

Speaking of Rockstar, imagine if Red Dead Redemption 2 looked like CP2077 Xbox One original and S looked and played. They would be in so much trouble, and RDR2 didn't even have a PC version to trick people with.

 

[Era of not Yakuza]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

Click to shrink...

In fact, Assassin's Creed Unity performance is very similar to Cyberpunk 2077

The difference is that Sony hates refunds/cashback and CDPR made a statement telling everyone to get one hahaha hahaha

 

[Jonnax]

This seems like it would have interesting repercussions in the industry. Cyberpunk has a bunch of issues, but does this mean any game with issues could lead to a lawsuit if the company doesn't say "game runs like shit" ahead of time?

Click to shrink...

The reason why they're being sued by investors is that they said the game was working fine on last gen.
It wasn't and caused the stock price to plummet.

The lesson would be to not lie to your investors.

 

[LewieP]

This seems like a tough case for the plaintiffs to win unless they can uncover some smoking gun internal communication at CDProjekt.

Click to shrink...

No idea about how this will play out in this case, but many of these types of actions result in a settlement in favour of the investors, rather than an actual lawsuit.

 

[tokkun]

I would imagine there would be material regarding internal deadlines and delay decisions, and likely some stuff about marketing only the PC versions and crafting of the NDA stipulations (no console version footage, mandating only CDPR provided b-roll etc) that could be of note. It will depend on how much of that they discussed through work comms and how much they discussed under the table. As someone else in the thread said, the discovery portion may reveal a lot.

Click to shrink...

By "smoking gun", I mean communications between executives talking about trying to mislead investors explicitly. The bar for proving fraud is fairly high, because it requires intent.

The lawsuit is also based on the claim that the game released in a "virtually unplayable" state. While we might be accustomed to such hyperbole on a message board, we have to remember that this is a claim that must be literally argued in a court of law. And in a literal sense, it is not hard to find a examples of people actually playing the game to disprove that.

 

[White Glint]

very much rooting for the *checks notes* global investor rights law firm right now.

 

[Deleted member 16876]

Good. Hopefully more to come.

Where are the Black Tiger ADs and screenshots that made it look like a totally different game at all times until the player played the game and got blobs of goop? The Cyberpunk situation is not like BT's, I bet I can look up Black Tiger store pages and it will look like it does on Playstation.

Found the ad on Playstation's channel.


I checked actual youtube videos of the gameplay and it matches up to this trailer. No false advertising there.

Click to shrink...

Every time someone mentions Black Tiger I wonder why they use it as an example to prove that CP is mistreated. Just like you said BT plays just as you would expect. The game functions just fine even though it is badly made.

With CP it is false advertisement and is broken. Big difference.

I never thought I would be "defending" Black Tiger and yet here we are haha

 

[Luxorek]

Eh, probably nothing's gonna come out of this. And no chance CDPR goes under, lol, what are you people smoking.

 

[Tagg]

As the Digital Foundry video points out, there were some PS3 era games that ran worse. Sony didn't pull the game because of how it ran or Black Tiger wouldn't be still up for purchase. It was all about the refund instruction that came from CDPR. Sony don't play that.

Click to shrink...

Black Tiger did not cause the console to crash, sometimes at frequencies of multiple times per hour. That is the major difference.