{"id":411254,"date":"2021-01-08T12:03:37","date_gmt":"2021-01-08T17:03:37","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411254"},"modified":"2021-01-08T12:03:37","modified_gmt":"2021-01-08T17:03:37","slug":"the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-cd-projekt-s-a-otglf-otgly-investors","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-cd-projekt-s-a-otglf-otgly-investors\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of CD Projekt S.A. (OTGLF, OTGLY) Investors"},"content":{"rendered":"

<\/p>\n

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of CD Projekt S.A. (OTGLF, OTGLY) Investors<\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–The Law Offices of Frank R. Cruz<\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired CD Projekt S.A. (\u201cCD Projekt\u201d or the \u201cCompany\u201d) (OTC: OTGLF<\/a>, OTGLY<\/a>) securities between January 16, 2020 and December 17, 2020<\/b>, inclusive (the \u201cClass Period\u201d). CD Projekt investors have until February 22, 2021 <\/b>to file a lead plaintiff motion.\n<\/p>\n

\nIf you are a shareholder who suffered a loss, click here<\/a> to participate.\n<\/p>\n

\nCD Projekt develops and distributes videogames worldwide. Cyberpunk 2077 is an \u201copen world, narrative-driven role-playing game\u201d that was slated to be released in April 2020.\n<\/p>\n

\nOn December 10, 2020, CD Projekt launched Cyberpunk 2077, and consumers discovered that the Current-Generation Console versions of the game were filled with errors and difficult to play. One article stated the game \u201cperforms so poorly that it makes combat, driving, and what is otherwise a master craft of storytelling legitimately difficult to look at.\u201d\u00a0\n<\/p>\n

\nOn December 14, 2020, the Company held a conference call during which the joint Chief Executive Officer (\u201cCEO\u201d) Adam Michal Kicinski admitted that CD Projekt \u201cunderestimated the scale and complexity of the issues\u201d and \u201cignored the signals about the need for additional time to refine the game on the base last-gen consoles.\u201d\n<\/p>\n

\nFollowing the game\u2019s release, the price of CD Projekt\u2019s American Depositary Receipts (\u201cADRs\u201d) fell $6.93, or 25% over three consecutive trading sessions to close at $20.75 per ADR on December 14, 2020, thereby damaging investors. Over the same period, the price of the Company\u2019s common shares fell $21.65, or 20.1%, to close at $86.00 on December 14, 2020, thereby damaging investors.\n<\/p>\n

\nOn December 18, 2020, Sony and Microsoft issued statements offering refunds for those who had purchased Cyberpunk 2077, citing \u201ca wave of complaints about the long-awaited title.\u201d\n<\/p>\n

\nOn this news, the price of the Company\u2019s ADRs fell $3.44, or 15.8%, to close at $18.50 per ADR on December 18, 2020. The price of the Company\u2019s common share price fell $9.20, or 10.45%, to close at $78.80 on December 18, 2020, thereby damaging investors.\n<\/p>\n

\nThe complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis at all relevant times.\n<\/p>\n

\nFollow us for updates on Twitter: twitter.com\/FRC_LAW<\/a>.\n<\/p>\n

\nIf you purchased CD Projekt securities during the Class Period, you may move the Court no later than February 22, 2021 <\/b>to ask the Court to appoint you as lead plaintiff.\u00a0 To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.\u00a0 If you purchased CD Projekt securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com<\/a>, or visit our website at www.frankcruzlaw.com<\/a>. \u00a0If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n

\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210108005149\/en\/<\/a><\/span><\/p>\n

\nThe Law Offices of Frank R. Cruz, Los Angeles
\n
Frank R. Cruz, 310-914-5007
\n
fcruz@frankcruzlaw.com
\n<\/a>
www.frankcruzlaw.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of CD Projekt S.A. (OTGLF, OTGLY) Investors LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired CD Projekt S.A. (\u201cCD Projekt\u201d or the \u201cCompany\u201d) (OTC: OTGLF, OTGLY) securities between January 16, 2020 and December 17, 2020, inclusive (the \u201cClass Period\u201d). CD Projekt investors have until February 22, 2021 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. CD Projekt develops and distributes videogames worldwide. Cyberpunk 2077 is an \u201copen world, narrative-driven role-playing game\u201d … <\/p>\n

Continue reading “The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of CD Projekt S.A. (OTGLF, OTGLY) Investors”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-411254","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of CD Projekt S.A. 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Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired CD Projekt S.A. (\u201cCD Projekt\u201d or the \u201cCompany\u201d) (OTC: OTGLF, OTGLY) securities between January 16, 2020 and December 17, 2020, inclusive (the \u201cClass Period\u201d). CD Projekt investors have until February 22, 2021 to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click here to participate. CD Projekt develops and distributes videogames worldwide. Cyberpunk 2077 is an \u201copen world, narrative-driven role-playing game\u201d … Continue reading "The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of CD Projekt S.A. 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