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Society & Culture
Virtual Legality Episode 376

Cyberpunk 2077: Will CD Projekt (CDPR) be Sued for Fraud?

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7m Dec 21, 2020
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The release of CD Projekt Red's Cyberpunk 2077 has been perhaps the most dramatic of the year; delays, crunch, intellectual property takedowns, ill-advised management commentary, dramatic store removals, bugs, deception, and crashes both of the hardware and stock price variety. It has been a crazy month for the formerly well-liked game company.

But it's with respect to that final category of drama (stock prices) that CD Projekt (and developer CDPR) may need to be the most concerned, as company investors (and the class action attorneys that would seek to represent them) line up to determine whether they can bring a case that the company perpetuated a fraud on the market, either through active deception...or carefully considered omission.

What are securities? What are securities laws? How do such laws (and regulatory bodies) seek to protect investors? And why should CD Projekt perhaps be a bit concerned?

Let's dive in.

CD Projekt and Cyberpunk are only one dramatic lawsuit away from completing their bingo card...in Virtual Legality.

#Cyberpunk2077 #CDPR #Lawsuits


Discussed in this episode:

"CD Projekt, CDPR, and Cyberpunk 2077: We Have a Reputation to Burn"
YouTube Playlist - Hoeg Law
https://www.youtube.com/playlist?list=PL1zDCgJzZUy8QxfJHOJGH8UsiYOqjwhq3

"Investors reportedly considering class action lawsuit against CD Projekt Red"
GamesIndustry Biz - December 21, 2020 - James Batchelor
https://www.gamesindustry.biz/articles/2020-12-21-investors-reportedly-considering-class-action-lawsuit-against-cd-projekt-red

"CD Projekt investors may sue over Cyberpunk 2077's 'materially misleading information'"
Eurogamer - December 21, 2020 - Vikki Blake
https://www.eurogamer.net/articles/2020-12-20-cd-projekt-investors-may-sue-over-cyberpunk-2077s-materially-misleading-information

"Fraud-on-the-market theory"
Wikipedia Entry
https://en.wikipedia.org/wiki/Fraud-on-the-market_theory

"CDPR's Cyberpunk Damage Control Call: Corpos Searching for Answers (VL371)"
Youtube Video - December 15 - Hoeg Law
https://youtu.be/n7uzzQ7SV-0

"Cyberpunk 2077 is ready for PC but CDPR is still working on current-gen versions"
PCGamersN - October 27, 2020
https://www.pcgamesn.com/cyberpunk-2077/why-is-cyberpunk-2077-delayed-again

CDPR Cyberpunk Launch Teleconference Transcript
December 14/15, 2020
https://www.cdprojekt.com/en/wp-content/uploads-en/2020/12/call-transcript_en.pdf

"Class action / notification of a possible crime"
BankierPL Posting - December 18, 2020
https://m.bankier.pl/forum/post/42802735?fbclid=IwAR15qwLDB6K5PP6uMR6InZyg-yUhk87Iyh5MBpu1ozlyLXoxRE1zaq_3uT4

Polish Penal Code
http://www.imolin.org/doc/amlid/Poland_Penal_Code1.pdf

"Employment of manipulative and deceptive devices."
Rule 10b-5
https://ecfr.federalregister.gov/current/title-17/chapter-II/part-240/subpart-A/subject-group-ECFR271f57d9adc8b47/section-240.10b-5

"CD PROJEKT SA CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating a potential securities class action lawsuit against CD Projekt SA"
Yahoo Finance - December 18, 2020
https://finance.yahoo.com/news/cd-projekt-sa-class-action-043000021.html

Securities Class Action FAQS
https://bergermontague.com/practice-areas/securities-investor-protection/securities-class-action-faqs/

"GOG advises Cyberpunk 2077 players to "keep a lower amount of items" to avoid corrupting save files"
Eurogamer - December 21, 2020 - Vikki Blake
https://www.eurogamer.net/articles/2020-12-20-gog-advises-cyberpunk-2077-players-to-keep-a-lower-amount-of-items-to-avoid-corrupting-save-files


"Virtual Legality" is a continuing series discussing the law, video games, software, and everything digital, hosted by Richard Hoeg, of the Hoeg Law Business Law Firm (Hoeg Law).

CHECK OUT THE REST OF VIRTUAL LEGALITY HERE:
https://www.youtube.com/playlist?list=PL1zDCgJzZUy9YAU61GoW-00K0TJOGnPCo

DISCUSSION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. INDIVIDUALS INTERESTED IN THE LEGAL TOPICS DISCUSSED IN THIS VIDEO SHOULD CONSULT WITH THEIR OWN COUNSEL.


Blog: hoeglaw.wordpress.com
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DESIGN WORK
Joe Ellis (Logo Design)
Chris Leroux (Motion Graphics)
For more information: contact Chris at @Chrisleroux on Twitter.

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About Hoeg Law

The Hoeg Law Firm is a business law firm with big law experience and a small firm approach focusing on start-ups, technology, financing, and everything else a business might need.


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