OTGLY Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against CD Projekt S.A. (OTC: OTGLY, OTGLF); Encourages Investors With Losses in Excess of $100,000 to Secure Counsel; Lead Plaintiff Deadline is February 22, 2021
PHILADELPHIA, Feb. 9, 2021 /PRNewswire/ -- Berger Montague is investigating potential securities fraud claims against CD Projekt S.A. ("CD Projekt" or the "Company") on behalf of investors who purchased CD Projekt securities (OTC: OTGLY, OTGLF) between January 16, 2020 and December 17, 2020 (the "Class Period"), and encourages investors with losses in excess of $100,000 to contact the firm.
If you purchased CD Projekt securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Donnell Much at [email protected] or (215) 875-4667, or contact us at www.bergermontague.com/cd-projekt.
A recently filed lawsuit accuses the Company of misleading investors about the fact that its highly anticipated videogame, Cyberpunk 2077, was virtually unplayable on the current-generation Xbox or PlayStation systems due to an overwhelming number of bugs, and thus it was reasonably foreseeable that Sony would remove Cyberpunk 2077 from the PlayStation store, and vendors would be forced to offer full refunds for the game.
On January 16, 2020, CD Projekt announced a five-month delay in the launch of Cyberpunk 2077, from April 2020 to September 2020, and represented that the "game is complete and playable." After subsequent delays, the game was finally released on December 10, 2020, and immediately, players reported a host of bugs and issues that rendered the game unplayable.
On December 18, 2020, Bloomberg reported that Sony had announced it was pulling Cyberpunk 2077 from its PlayStation store and was offering full refunds to players. In a Twitter post the same day, the Company advised that "following [its] discussion with PlayStation, a decision was made to temporarily suspend digital distribution" of the game. Market Insider also quoted the Company's CEO Adam Kicinski as stating during an analyst call that, "[a]fter three delays, we were too focused on releasing the game," and "[w]e ignored signals about the need for additional time to refine the game on the base last-gen consoles."
Following this news, the price of CD Projekt's American Depository Receipts (ADRs) price fell precipitously, with OTGLY declining $3.44 per ADR (16%) to close at $18.50, and OTGLF declining $9.20 per ADR (10%) to close at $78.80 on December 18, 2020.
If you purchased CK Projekt securities, including ADRs, during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is February 22, 2021. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding CD Projekt are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Donnell Much, Associate
Berger Montague
(215) 875-4667
[email protected]
SOURCE Berger Montague
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