A New York-based law firm has filed a class action lawsuit on behalf of investors in CD Projekt SA. Law firm Rosen’s lawsuit pertains to damages for those who purchased securities in CD Projekt between January 16, 2020 and December 17, 2020, based on statements made by individuals associated with the development of Cyberpunk 2077.
Primarily, the lawsuit alleges that false or misleading statements were made about Cyberpunk 2077 being playable on current generation Xbox and PlayStation systems. The removal of Cyberpunk 2077 from the PlayStation Store and the offer of refunds by Sony, Microsoft and CD Projekt themselves are often cited in business circles as the reason for a collapse in CD Projekt’s share price high sales. In the weeks leading up to Cyberpunk 2077’s release, he was CEO of CD Projekt said that the game ran “surprisingly well” on PS4 and Xbox One.
It is important to note that this lawsuit has only been filed in US courts. To proceed, the court must certify the class, which indicates that there is a large group of people with similar claims to be eligible for a lawsuit. Rosen Law Firm is an international law firm that focuses solely on class action lawsuits against companies on behalf of shareholders.
According to the law firm Press releaseThis is their logic for the suit: “(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) as a result, CD Projekt would suffer reputational and financial damage, and (4) as a result, the statements of the defendants about its business and prospects were materially false and misleading and / or lack of reasonable basis at all relevant points in time. When the real details hit the market, the lawsuit claims that investors have been harmed. “
We’ll watch this suit as it develops, but it’s important to note that class actions take time and securities lawsuits can take longer.
