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Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CD Projekt S.A. (OTGLF, OTGLY)
[January 15, 2021]

Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CD Projekt S.A. (OTGLF, OTGLY)


Law Offices of Howard G. Smith reminds investors of the upcoming February 22, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased CD Projekt S.A. ("CD Projekt" or the "Company") (OTC: OTGLF, OTGLY) securities between January 16, 2020 and December 17, 2020, inclusive (the "Class Period").

Investors suffering losses on their CD Projekt investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

CD Projekt develops and distributes videogames worldwide. Cyberpunk 2077 is an "open world, narrative-driven role-playing game" that was slated to be released in April 2020.

On 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 "performs so poorly that it makes combat, driving, and what is otherwise a master craft of storytelling legitimately difficult to look at."

On December 14, 2020, the Company held a conference call during which the joint Chif Executive Officer ("CEO") Adam Michal Kicinski admitted that CD Projekt "underestimated the scale and complexity of the issues" and "ignored the signals about the need for additional time to refine the game on the base last-gen consoles."



Following the game's release, the price of CD Projekt's American Depositary Receipts ("ADRs") 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's common shares fell $21.65, or 20.1%, to close at $86.00 on December 14, 2020, thereby damaging investors.

On December 18, 2020, Sony and Microsoft (News - Alert) issued statements offering refunds for those who had purchased Cyberpunk 2077, citing "a wave of complaints about the long-awaited title."


On this news, the price of the Company's ADRs fell $3.44, or 15.8%, to close at $18.50 per ADR on December 18, 2020. The price of the Company's common share price fell $9.20, or 10.45%, to close at $78.80 on December 18, 2020, thereby damaging investors.

The 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's 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' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired CD Projekt securities during the Class Period, you may move the Court no later than February 22, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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