What appeared to be a simple threat at the beginning of the week has just been carried out by the law firm Rosen, which has indeed filed a class action against CD Projekt Red on behalf of Polish investors. The studio that developed Cyberpunk 2077 is accused of having lied about the quality of the PS4 and Xbox One versions and therefore of having been the subject of "false and misleading statements, but also of having concealed important information throughout. the appeal period (January 16 to December 17, 2020) to obtain financial benefits." The lawsuit also accuses the studio of having knowingly concealed that "Cyberpunk 2077 was virtually unplayable on current-generation Xbox or PlayStation systems due to a significant number of bugs", if we go by the terms which were used for filing the complaint.
But this case could take on another dimension since the Rosen law firm invites other investors who wish to join the class action to do so before February 22, 2021 using the following form. Worse, we learned from analyst Daniel Ahmad that law firm Rosen is only one of four firms intending to file a similar lawsuit against CD Projekt Red, even though the outcome should lead to a single consolidated action and not several that are carried out at the same time, according to the tweet of lawyer Richard Hoeg.
Rosen Law is just 1 of 4 law firms planning to file a lawsuit against CDPR
The argument being that the company mislead investors in a deceptive way about the quality of the game on last gen consoles, which led to recent negative impact, at the expense of the investing public https://t.co/cT3YSUKamy
— Daniel Ahmad (@ZhugeEX) December 24, 2020
While accurate, the number of lawsuits here likely doesn’t make a material difference. Multiple firms will seek to try to certify an affected class while positioning themselves with the strongest lead plaintiff. There will likely only be one consolidated action at end of day. https://t.co/qudD6TYhnq
— Richard Hoeg (@HoegLaw) December 25, 2020
Remember that to date, 13 million copies (including 8 pre-order) of Cyberpunk 2077 have been sold, that the game is already profitable (production cost more than 300 million dollars), that the studio was well aware that the state of the game on old gen consoles was deplorable, but they were still updating it. Marcin Iwiński, co-founder of CD Projekt Red, assured investors that there were "no issues" with the PS4 and Xbox One versions of the game when it was last postponed. Cyberpunk 2077 is still removed from the PlayStation Store at this time and two big patches are expected to arrive by the end of the year and sometime in January 2021. What a story though!
