Law Firm Rosen law from New York announced that she is suing the Polish publishing house CD Projekt… The reason was the scandalous launch of a long-term game Cyberpunk 2077…
According to the official press release, this is a class action lawsuit. Rosen Law represents the interests of CD Projekt investors who have acquired stakes in the period from January 16, 2023 to December 17, 2023 inclusive.
Lawyers intend to seek compensation for losses incurred by shareholders due to the fact that the management of the Polish company deliberately misled investors or concealed information that the version for the previous generation consoles Xbox one and Playstation 4 was practically unplayable due to poor optimization and a huge number of bugs. The result was colossal damage to CD Projekt RED’s reputation in the market.
Additionally, Cyberpunk 2077 has been removed from digital service. PSN, a Sony, Microsoft, CD Projekt itself and retail chains were forced to initiate a full refund to all buyers without additional conditions. When the market became aware of the true state of affairs, investors suffered losses as CD Projekt’s stock price plummeted.
The class action lawsuit has already been brought to court (apparently in New York State) to act as the lead plaintiffs, investors must file their claims no later than February 22, 2023.
Note that over the past couple of weeks after the release, Cyberpunk 2077 has improved significantly on Xbox One and PS4 thanks to three patches. However, the overall situation is still far from an acceptable level.
At the same time, the possibility of filing a class action claim is now being considered in Poland. The initiator was a lawyer from Warsaw Mikolay Ozhekhovsky, who is also a shareholder of CD Projekt. He suspected the company of fraud (article 286 of the Polish Criminal Code). According to Ozhekhovsky, representatives of the publishing house deliberately misled shareholders and buyers in order to obtain financial benefits.
Questions arose to the founder of CD Projekt Michal Kicinski… The entrepreneur is one of the largest shareholders of the Polish publishing house, but just a few days before the release, he got rid of a significant part of the securities.
On the one hand, Kichinsky left CD Projekt in 2013, and the period he chose was the most favorable for the sale, because the market was already expecting a decline in quotations. On the other hand, one of the leaders of the company is Adam Kichinsky is Michal’s younger brother. And the leak of insider information through a relative is not excluded, although this still needs to be proved.
Read also: Cyberpunk 2077 Lucrative Cheating: CD Projekt RED Founders Become Billionaires
Ready to pay out of pocket: CD Projekt explained how to get money back for Cyberpunk 2077 in Russia
Cyberpunk 2077 has become a “console exclusive” Xbox, but Microsoft is ready for a refund
Complete disaster: Sony removed Cyberpunk 2077 from PSN
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