News

Cyberpunk 2077: CD Projekt Red is facing a class-action lawsuit for ‘misleading statements’

Looking at the details, the firm filed the lawsuit on behalf of the people who purchased the securities of CD Projekt Red. Here is everything we know regarding the class-action lawsuit regarding Cyberpunk 2077.

Cyberpunk 2077 has been the center of multiple controversies since its launch on December 10. Now, some new information has just surfaced regarding the AAA video game from CD Projekt Red (CDPR). According to an announcement, Rosen Law Firm from New York has just filed a class-action lawsuit against the company. The law firm is filing this lawsuit on grounds of violation of the federal securities law. Looking at the details, the firm filed the lawsuit on behalf of the people who purchased the securities of CDPR. Here is everything we know regarding the class-action lawsuit against CD Projekt Red regarding Cyberpunk 2077.

Cyberpunk 2077: CD Projekt Red class-action lawsuit details

Rosen Law Firm shared some more details around the lawsuit in the official announcement. The firm is hoping to “recover damages for CD Projekt investors under the federal securities laws.” It is focusing on the investors who purchased the CD Projekt S.A securities between January 16, and December 17, 2020. This timeframe covers the multiple delays in the launch of the game and statements around the quality of Cyberpunk 2077. It also includes the initial reports around the degraded quality on base last-gen consoles. As previously reported, the inferior quality of the game prompted Sony to take down the game from the PlayStation store. The move came after CD Projekt made bold promises around refunds that did not work out in the initial days.

Going through the document, the lawsuit also claims that the recent developments will cause financial as well as “reputational harm” to CD Projekt. It went on to state that the company offered statements that “were materially false and misleading”. The company also offered information about “its business, operations, and prospects” that was “misleading and/or lacked a reasonable basis.” In absence of accurate information, the investors suffered losses when the truth surfaced in the market.

The latest announcement comes days after we initially reported possible incoming investor lawsuits. CDPR also noted that is sold about 13 million copies of Cyberpunk 2077 which also includes the 8 million pre-orders. As noted in the past, this number considers all the refund requests that the company received. All the issues around the launch also affected the stock price of the company pushing the numbers by 29 percent.