It seems that you're using an outdated browser. Some things may not work as they should (or don't work at all).
We suggest you upgrade newer and better browser like: Chrome, Firefox, Internet Explorer or Opera

×
Community
General discussionCDPR faces 4 lawsuits from investors(101 posts)(101 posts)
(101 posts)
Pages:
1
2
3
4
5
6
7
This is my favourite topic
Posted March 23, 2021
low rated
thats alot of lawyers
Posted March 23, 2021
low rated
avatar
Zrevnur: So it may be more than 13 by now. Edit: One or more may have dropped their lawsuit/s though - I have no information on that.
That's the magic with US class action laws, but whenever there is one or one thousands doesn't make any difference, at the end of the day there will be only one class action (IF there is one) and only one law firm will be chosen between those 13. All those firm are hopping to be the one getting the jackpot.
Posted March 23, 2021
low rated
Found some more info: Far as I understand at least 5 US law firms have filed lawsuits and at least 2 lawsuits are officially known by CDP.

Sources:

According to https://www.cdprojekt.com/en/investors/regulatory-announcements/current-report-no-4-2021/ at least 2 lawsuits have been filed.

According to https://www.dsogaming.com/news/cd-projekt-red-uses-dmca-to-shut-down-twitter-accounts-sharing-stolen-source-code-of-its-games/#more-151546 "a total of five separate U.S.-based law firms have already filed class-action lawsuits against the company".
Posted May 03, 2021
low rated
Update:
According to page 146 in https://www.cdprojekt.com/en/wp-content/uploads-en/2021/04/management-board-report-on-the-activities-of-the-cd-projekt-group-and-cdc-projekt-sa-in-2020.pdf the company (CDP) is now officially aware of at least 3 lawsuits.
My interpretation of the text there is that its actually at least (official awareness for regulatory reasons of) 4 filings of such lawsuits but IMO its worded too unclear to be sure. They should have put a list of those law suits in instead of that weird incremental wording.
Posted May 03, 2021
low rated
probably the extra bonuses for management wont help their cases :D
Posted May 03, 2021
low rated
avatar
GreatWarriox: . Theres even heavy pressure from government due to excess violence in game industry.
It's 2021...that shit is from 2004
Posted May 03, 2021
low rated
avatar
Zrevnur: Update:
According to page 146 in https://www.cdprojekt.com/en/wp-content/uploads-en/2021/04/management-board-report-on-the-activities-of-the-cd-projekt-group-and-cdc-projekt-sa-in-2020.pdf the company (CDP) is now officially aware of at least 3 lawsuits.
My interpretation of the text there is that its actually at least (official awareness for regulatory reasons of) 4 filings of such lawsuits but IMO its worded too unclear to be sure. They should have put a list of those law suits in instead of that weird incremental wording.
Technically there are two lawsuits, the "Valve" one in which CDPR and other are included for some reasons, and the US securities class action against CDPR. The number of fillings is irrelevant whenever there are one or one million at the end of the day there can only be one class action.
Posted May 03, 2021
low rated
avatar
Zrevnur: ... the company (CDP) is now officially aware of at least 3 lawsuits.
My interpretation of the text there is that its actually at least (official awareness for regulatory reasons of) 4 filings of such lawsuits but IMO its worded too unclear to be sure. They should have put a list of those law suits in instead of that weird incremental wording.
i saw a youtube video a while ago and if my memory and the info in that video is correct, it mentioned shareholders did push the release. they wanted a release of cp2077 before the release of next gen consoles (xb series/ps5) with the expectation of more sales. since people wouldn't have a reason to buy cp2077 on ps4/xbone when the new consoles were on the market.

i wouldn't be surprised, if the same shareholders are now suing
Post edited May 03, 2021 by apehater
Posted May 03, 2021
low rated
avatar
Zrevnur: Update:
According to page 146 in https://www.cdprojekt.com/en/wp-content/uploads-en/2021/04/management-board-report-on-the-activities-of-the-cd-projekt-group-and-cdc-projekt-sa-in-2020.pdf the company (CDP) is now officially aware of at least 3 lawsuits.
My interpretation of the text there is that its actually at least (official awareness for regulatory reasons of) 4 filings of such lawsuits but IMO its worded too unclear to be sure. They should have put a list of those law suits in instead of that weird incremental wording.
avatar
Gersen: Technically there are two lawsuits, the "Valve" one in which CDPR and other are included for some reasons, and the US securities class action against CDPR. The number of fillings is irrelevant whenever there are one or one million at the end of the day there can only be one class action.
Did you actually read the link? It does indeed imply the likelihood of them (the ones I mentioned) being merged into one. But according to what it says this has not happened and my interpretation of the text is also that it is not a 100% guaranteed thing. Anyway for now (now ~= reference date of that document) this has not happened.
And the topic says 'lawsuits from investors' - I did not include other one/s in my numbers update.
And I dont agree with the number of filings being irrelevant. Obviously in the absence of other data there is a correlation between expected relevance (in terms of monetary danger to the company and in terms of bad PR) and number of filings.
Posted May 03, 2021
low rated
avatar
Zrevnur: Did you actually read the link? It does indeed imply the likelihood of them (the ones I mentioned) being merged into one. But according to what it says this has not happened and my interpretation of the text is also that it is not a 100% guaranteed thing. Anyway for now (now ~= reference date of that document) this has not happened.
And the topic says 'lawsuits from investors' - I did not include other one/s in my numbers update.
And I dont agree with the number of filings being irrelevant. Obviously in the absence of other data there is a correlation between expected relevance (in terms of monetary danger to the company and in terms of bad PR) and number of filings.
That's how US class actions works, you cannot have multiple class action for the same "subject" (i.e. US securities in this case). You have X different law firms filling and then, if the class action goes forward, then one of them is chosen to represent the case. That's why I said the number of fillings is irrelevant, it's just a bunch of law firm trying to be the "one" getting the jackpot (in case they win of course) but as far as CDPR is concerned it is still only one potential class action in the US.
Post edited May 03, 2021 by Gersen
Posted May 03, 2021
low rated
avatar
Zrevnur: Did you actually read the link? It does indeed imply the likelihood of them (the ones I mentioned) being merged into one. But according to what it says this has not happened and my interpretation of the text is also that it is not a 100% guaranteed thing. Anyway for now (now ~= reference date of that document) this has not happened.
And the topic says 'lawsuits from investors' - I did not include other one/s in my numbers update.
And I dont agree with the number of filings being irrelevant. Obviously in the absence of other data there is a correlation between expected relevance (in terms of monetary danger to the company and in terms of bad PR) and number of filings.
avatar
Gersen: That's how US class actions works, you cannot have multiple class action for the same "subject" (i.e. US securities in this case). You have X different law firms filling and then, if the class action goes forward, then one of them is chosen to represent the case. That's why I said the number of fillings is irrelevant, it's just a bunch of law firm trying to be the "one" getting the jackpot (in case they win of course) but as far as CDPR is concerned it is still only one potential class action in the US.
I think you are ignoring the issue that someone somewhere needs to make this decision whether the filings are sufficiently similar or not. Thats presumably also why the linked document doesnt imply this being a 100% scenario: They consulted a law firm and asked them about their opinion and the law firm responded with a yes. Nonetheless at this point its just the opinion of that law firm and not fact as you imply.
(And I dont see how somebody without actual insight into those lawsuits - that would be you unless you have that insight? - could possibly determine for sure whether those lawsuits are the "same" or not. And if you do indeed have that insight please do share.)
Furthermore as the document implies such merging is only going to happen "should the need for court proceedings arise". As I see it if for example some outside of court settlement is reached before that such merging will not happen.
In addition to that I do believe there is practical relevance in which law firms are involved. So looking merely at the first such filing (and the law firm which did it) is clearly insufficient. IMO they should have made a proper list with law firms and dates (etc) in there.

Quote of the whole paragraph:

LITIGATION IN WHICH CD PROJEKT S.A. IS NAMED AS A DEFENDANTClass action lawsuit filed against CD PROJEKT S.A. concerning US securitiesOn 25 December 2020 and subsequently on 15 January 2021 the Management Board of the Company received information concerning the filing of civil class action lawsuits in the US District Court for the Central District of California, by law firms acting on behalf of groups of holders of securities traded in the USA under the ticker symbols ”OTGLY” and ”OTGLF” and based on Company shares, whereby the plaintiffs call for the court to adju-dicate whether the actions undertaken by the Company and members of its Management Board in connection with the release of Cyberpunk 2077 constituted a violation of federal laws, i.a. by misleading investors and, consequently, causing them to incur damages. The complaints do not specify the quantity of damages sought.As of the preparation date of this report the Company has been notified of two further lawsuits filed in the afore-mentioned court against CD PROJEKT and materially consistent with the aforementioned litigation. According to information available to the Company and the opinion provided by the law firm which represents the Company in this regard, following the selection of the lead plaintiff, all such lawsuits will be merged into a single case should the need for court proceedings arise.The Company will undertake vigorous action to defend itself against any such claims.
Posted May 04, 2021
low rated
avatar
Zrevnur: I think you are ignoring the issue that someone somewhere needs to make this decision whether the filings are sufficiently similar or not. Thats presumably also why the linked document doesnt imply this being a 100% scenario: They consulted a law firm and asked them about their opinion and the law firm responded with a yes. Nonetheless at this point its just the opinion of that law firm and not fact as you imply.
You are right that I am not a lawyer nor I have any "insider information", that being said there are only very limited "things" for which, at least in the US, you can possibly do a class action against CDPR, the main valid one being on investor securities and, as far as we know, all the current filling are based on that (apart from the Valve one but that's a different story and CDPR is not the main target there), hence why it is mentioned in the quoted paragraph:
According to information available to the Company and the opinion provided by the law firm which represents the Company in this regard, following the selection of the lead plaintiff, all such lawsuits will be merged into a single case should the need for court proceedings arise.The Company will undertake vigorous action to defend itself against any such claims.
As I said having 20+ different fillings for a class action is not anything special it's actually the norm and it is extremely rare that it results in more than a single class action, as it would kind of kill the main interest of a "class" action. So yes it's not 100% sure but it's definitely more than 99%.
Posted May 06, 2021
low rated
avatar
Zrevnur: ... the company (CDP) is now officially aware of at least 3 lawsuits.
My interpretation of the text there is that its actually at least (official awareness for regulatory reasons of) 4 filings of such lawsuits but IMO its worded too unclear to be sure. They should have put a list of those law suits in instead of that weird incremental wording.
avatar
apehater: i saw a youtube video a while ago and if my memory and the info in that video is correct, it mentioned shareholders did push the release. they wanted a release of cp2077 before the release of next gen consoles (xb series/ps5) with the expectation of more sales. since people wouldn't have a reason to buy cp2077 on ps4/xbone when the new consoles were on the market.

i wouldn't be surprised, if the same shareholders are now suing
Considering that the shareholders (which are suing) are accusing (far as I understand the information I have read about those lawsuits) CDP management of misrepresenting the readiness (or rather lack thereof) of CP2077 for release this would be quite understandable. Like this totally made up conversation:

Greedy shareholder: Hey how is CP2077 development going?
CDP deceptive manager: Yeah we are basically ready for release.
Greedy shareholder: And about older consoles - any problems there?
CDP deceptive manager: Nope.
Greedy shareholder: So when are you going to release it - I want to see value for my investment?

Actually it may somewhat correlate to reality. Quoting an answer in https://www.cdprojekt.com/en/wp-content/uploads-en/2020/10/trancript_en.pdf

MN: Hi; Michał Nowakowski again. I wouldn’t say there is a “problem” because there’s nothing wrong with Xbox or PS4 versions –there is optimization to be handled, also because of how we were approaching things from the get-go in terms of development; so –there is no problem with Xbox or PlayStation 4, to be honest.
Even a "honest" statement says that there is no problem with PS4...
(And feel free to read the whole thing for proper context.)
Post edited May 06, 2021 by Zrevnur
Posted May 06, 2021
low rated
avatar
Zrevnur: ... the company (CDP) is now officially aware of at least 3 lawsuits.
My interpretation of the text there is that its actually at least (official awareness for regulatory reasons of) 4 filings of such lawsuits but IMO its worded too unclear to be sure. They should have put a list of those law suits in instead of that weird incremental wording.
avatar
apehater: i saw a youtube video a while ago and if my memory and the info in that video is correct, it mentioned shareholders did push the release. they wanted a release of cp2077 before the release of next gen consoles (xb series/ps5) with the expectation of more sales. since people wouldn't have a reason to buy cp2077 on ps4/xbone when the new consoles were on the market.

i wouldn't be surprised, if the same shareholders are now suing
i don't get it? the shareholders screwed up the release date, thus forcing CDPR to release buggy console games that are harder and more costly to patch, so now they're suing because of their own foolishness?

i think they're better off buying themselves a lobotomy if the shareholders of CDR (WSE)(the stock) are that dumb and lacking in self-awareness.
EDIT: typos and accidental copypasta.
Post edited May 06, 2021 by dick1982
Posted May 06, 2021
low rated
avatar
apehater: i saw a youtube video a while ago and if my memory and the info in that video is correct, it mentioned shareholders did push the release. they wanted a release of cp2077 before the release of next gen consoles (xb series/ps5) with the expectation of more sales. since people wouldn't have a reason to buy cp2077 on ps4/xbone when the new consoles were on the market.

i wouldn't be surprised, if the same shareholders are now suing
avatar
dick1982: i don't get it? the shareholders screwed up the release date, thus forcing CDPR to release buggy console games that are harder and more costly to patch, so now they're suing because of their own foolishness?

i think they're better off buying themselves a lobotomy if the shareholders CDR (WSE)(the stock) are they are that dumb and lacking in self-awareness.
Not according to the sources I saw. The leadership promised investors they could release by a certain date, and picked those dates initially so they could double dip by selling new gen versions after the last gen versions.
Pages:
1
2
3
4
5
6
7
This is my favourite topic
Community
General discussionCDPR faces 4 lawsuits from investors(101 posts)(101 posts)
(101 posts)