SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces Investigation of CD Projekt S.A.
WILMINGTON, Del., Dec. 23, 2020 (GLOBE NEWSWIRE) --
Rigrodsky & Long, P.A. announces an investigation of potential securities claims on behalf of shareholders of CD Projekt S.A. (“CD Projekt” or the “Company”) (OTC: OTGLY, OTGLF ) resulting from allegations that the Company may have issued materially misleading information and/or failed to disclose material information to the investing public.
To learn more about this investigation and your rights, visit: https://rl-legal.com/cases-cd-projekt-sa.
You may also contact Seth D. Rigrodsky, Timothy J. MacFall, or Vincent A. Licata cost and obligation free at (888) 969-4242 or firstname.lastname@example.org.
On December 10, 2020, CD Projekt released Cyberpunk 2077, the Company’s much anticipated futuristic role-playing video game. Though the Company originally planned to release Cyberpunk 2077 in April 2020, CD Projekt pushed the release back three times, citing a need to prepare the game for next generation Xboxes and PlayStations. Notwithstanding these delays, the Company and its executives claimed, for at least the past year, that Cyberpunk 2077 was “complete and playable.” In a January 2020 press release, the Company stated the first delay was only needed to “make the game perfect.”
However, it was ultimately revealed that underlying deficiencies rendered Cyberpunk 2077 completely unplayable on older generation consoles such as PlayStation 4 (“PS4”) and Xbox One. The Company issued an immediate apology and explanation stating, “[w]e should have paid more attention to making it play better on PS4 and Xbox One.” Adam Kicinski, Co-Chief Executive Officer and Chairman of the Company’s Board of Directors stated, “[a]fter three delays, we were too focused on releasing the game.” He admitted the Company “ignored the signals about the need for additional time to refine the game on the base last-gen consoles [and that] [i]t was the wrong approach and against our business philosophy.” These events culminated in Sony’s unprecedented decision to remove Cyberpunk 2077 from the PlayStation marketplace, causing the Company’s stock to plummet 22% on December 18, 2020.
Cyberpunk 2077’s release revealed CD Projekt and its executives made materially false and misleading statements and/or omissions of material fact about the Company’s business, operations, and prospects in the time leading up to Cyberpunk 2077’s release. As a result of these statements and omissions, CD Projekt’s American depository shares traded at artificially inflated prices.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraudand corporate classactions nationwide.
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