Cyberpunk 2077 Polemic, CD Projekt Red Potentially Demanded by Investors
GAMEFINITY.ID, Jakarta – CD Projekt Red faces a potential class action lawsuit over the alleged misrepresentation of Cyberpunk 2077. As reported by the New York Times, a Warsaw-based law firm and CD Projekt investor have announced that they are analyzing possible legal action on the basis of “misrepresentation to gain financial gain. “
It said its investigation was related to “recent events” and in particular to Cyberpunk’s removal from the PlayStation Store, which caused CD Projekt’s stock price to drop 15 percent on December 18. Sony announced an unexpected move on Friday (12/18/2021), after many performance issues when Cyberpunk 2077 was played on its latest generation console, the PlayStation 4.
The game, which has been anticipated since May 2012, was released on December 10, after experiencing three delays. Although the PC version was mostly received positively despite the many bugs, the game’s performance on the PlayStation 4 base console and Xbox One received a lot of criticism from gamers and critics alike.
The troubled launch of Cyberpunk 2077 has seen CD Projekt’s stock plummet over the past week and wiped out more than $1 billion of wealth from the company’s founders. In addition to the lawsuit from Warsaw, the New York-based law firm also announced an investigation into the Cyberpunk developer. Wolf Haldenstein Adler Freeman & Herz LLP said Friday it is investigating potential securities claims on behalf of CD Projekt shareholders.
“As a result of allegations that CD Projekt may have released materially misleading information to shareholders and public investors. If you experience a loss in ADR CD Projekt SA, please contact Wolf Haldenstein to learn more about your rights as an investor in CD Projekt SA.”
According to the video game-specific law firm, CD Projekt could be accused of “manipulative and deceptive practices”. According to SEC rules 10b-5, it is unlawful for any person, directly or indirectly, “to engage in the conduct, practice or activity of any business operating … as fraud or deception against any person, in connection with the purchase or sale of any security. ”
Speaking to investors this week, CD Projekt CEO Adam Kicinski apologized for Cyberpunk 2077’s troubles on consoles and hoped the company could rebuild the trust of its fan base.
“After 3 delays, we as the Management Board were too focused on releasing the game. We underestimated the scale and complexity of the issue, we ignored signs of the need for additional time to perfect games on last-gen consoles.”
Kicinski admitted that he had been negligent because during product marketing, CDPR displayed more games when it was run on a PC. In fact Cyberpunk 2077’s performance on PC and consoles is different, and it’s caused gamers to lose confidence and damage CDPR’s reputation.
“That’s why our first step is to focus on getting those two things back (trust and reputation). We are concentrating on improving Cyberpunk on the last generation of consoles, and will do everything possible to prove that we stand by our values.”
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