CD PROJEKT SA CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed against CD Projekt SA
LEAD PLAINTIFF DEADLINE IS FEBRUARY 22, 2021
NEW YORK, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed on behalf of all purchasers of the U.S. listed securities of CD Projekt S.A. (OTC: OTGLY, OTGLF) (“CD Projekt” or the “Company”) who acquired their shares between January 16, 2020 and December 17, 2020, inclusive (the “Class Period”).
All investors who purchased the American Depositary Receipts (“ADR’s”) of CD Projekt SA and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of CD Projekt SA, you may, no later than February 22, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of CD Projekt SA.
According to the filed complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
Cyberpunk 2077 was virtually unplayable on the current-generation Xbox or Playstation systems due to an enormous number of bugs;
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;
consequently, CD Projekt would suffer reputational and pecuniary harm; and
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.
On December 18, 2020, Market Insider reported that “Sony announced on Friday that it was pulling [Cyberpunk 2077] from its PlayStation Store and offering full refunds to players following a wave of complaints about the long-awaited title.” The Market Insider report also quoted the Company’s co-CEO stating during an analyst call that “[a]fter three delays, we were too focused on releasing the game,” and “[w]e ignored signals about the need for additional time to refine the game on the base last-gen consoles.”
On this news, the Company’s share price fell $3.49 per ADR, or 15%, to close at $18.50 per ADR on December 18, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss or join this action, or have any questions regarding your rights and interests in this ongoing situation, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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