It is alleged in the complaint that CD misled investors about the fact that Cyberpunk 2077, its highly anticipated videogame, was virtually unplayable on the current-generation PlayStation or Xbox systems, due to an overwhelming amount of bugs, and it was thus reasonably foreseeable that Cyberpunk 2077 would be removed by Sony from the PlayStation store, forcing vendors to offer full refunds for the game.
On January 16, 2020, a five-month delay in the launch of Cyberpunk 2077, from April 2020 to September 2020, was announced by CD Project and portrayed that the “game is complete and playable.” Cyberpunk 2077 was finally released on December 10, 2020, after subsequent delays, and players immediately reported a host of issues and bugs, rendering the game unplayable.
Bloomberg reported on December 18, 2020 that Sony had announced Cyberpunk 2077 would be pulled from its PlayStation store, and that full refunds to players would be offered. In a Twitter post that same day, CD Projekt advised that “following [its] discussion with PlayStation, a decision was made to temporarily suspend digital distribution” of the game. CD Project CEO Adam Kicinski was also quoted in Market Insider 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.”
The price of CD Projekt’s American Depository Receipts (ADRs) price fell precipitously following this news, 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.
CD Projekt S.A.
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