Cyberpunk Publisher Will ‘Vigorously’ Defend Itself Against Investor Lawsuit
December 26, 2020
Cyberpunk 2077 publisher, CD Projekt SA, is planning to defend itself "vigorously" against claims raised in a class-action lawsuit, Bloomberg has reported.What Happened: Andrew Trampe, an investor, filed a lawsuit in a federal court in Los Angeles on Thursday, claiming the video game developer misled investors about the game's condition and possible technical glitches that led to losses.According to the court filing, the plaintiff claims CD Projekt did not warn investors that Cyberpunk 2077 was "virtually unplayable on the current-generation Xbox or Playstation systems due to an enormous number of bugs." The video game developer vowed to defend itself against "any such claims."Why It Matters: Sony Corp (NYSE: SNE) removed the long-anticipated game from the PlayStation store on Dec. 18 and offered full refunds to everyone who had purchased it.CD Projekt SA's American Depositary Receipt shares went down by 25% in the next three days after the game's release on Dec. 10. They fell another 16% following Sony's announcement.Users started to complain about glitches and bugs in the game just hours after its official release, according to Bloomberg.Microsoft Corporation (NASDAQ: MSFT) has also begun offering refunds for the game but has not pulled the game out of the Microsoft store yet.Price Action: Sony shares fell 0.60% and closed at $96.26 in the after-hours trading on Thursday.Microsoft traded at $222.51, with a 0.11% loss at the Thursday post-market session close.Image: Courtesy of Cyberpunk 2077See more from Benzinga * Click here for options trades from Benzinga * Bitcoin Crosses ,700, Aims At ,000 * Here's What You Need To Know About Cyberattack Against US(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. Read More...
Cyberpunk 2077 publisher, CD Projekt SA, is planning to defend itself “vigorously” against claims raised in a class-action lawsuit, Bloomberg has reported.
What Happened: Andrew Trampe, an investor, filed a lawsuit in a federal court in Los Angeles on Thursday, claiming the video game developer misled investors about the game’s condition and possible technical glitches that led to losses.
According to the court filing, the plaintiff claims CD Projekt did not warn investors that Cyberpunk 2077 was “virtually unplayable on the current-generation Xbox or Playstation systems due to an enormous number of bugs.”
The video game developer vowed to defend itself against “any such claims.”
Why It Matters:Sony Corp (NYSE: SNE) removed the long-anticipated game from the PlayStation store on Dec. 18 and offered full refunds to everyone who had purchased it.
CD Projekt SA’s American Depositary Receipt shares went down by 25% in the next three days after the game’s release on Dec. 10. They fell another 16% following Sony’s announcement.
Users started to complain about glitches and bugs in the game just hours after its official release, according to Bloomberg.
Microsoft Corporation (NASDAQ: MSFT) has also begun offering refunds for the game but has not pulled the game out of the Microsoft store yet.
Price Action: Sony shares fell 0.60% and closed at $96.26 in the after-hours trading on Thursday.
Microsoft traded at $222.51, with a 0.11% loss at the Thursday post-market session close.
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