NEW YORK, Jan. 13, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of CD Projekt S.A. ("CD Projekt" or the "Company") (OTCMKTS: OTGLY). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether CD Projekt and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 16, 2020, CD Projekt announced a five-month delay in the launch of its videogame Cyberpunk 2077 from April 2020 to September 2020, while noting that the "game is complete and playable."
On December 10, 2020, Cyberpunk 2077 was finally released and immediately became the subject of reports by players that the game was defective because of numerous bugs and issues, such as, among other things, soda cans floating in the air, passers-by walking through characters like ghosts, and inexplicable vehicle crashes.
Then, on December 18, 2020, Bloomberg and other news sources reported that Sony had announced 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. In a Twitter post the same day, the Company advised that "following [its] discussion with PlayStation, a decision was made to temporarily suspend digital distribution" of the game. Market Insider also quoted the Company's co-Chief Executive Officer, Adam Kicinski, as 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." Following this news, CD Projekt's American Depository Receipt price fell $3.49 per share, or 15.87%, to close at $18.50 per share on December 18, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980