Read more about Cyberpunk 2077➜ https://cyberpunk2077.mgn.tv
The disastrous release of CDPR’s Cyberpunk 2077 in December 2020 was met with poor messaging, recriminations, and the seemingly inevitable: a class action lawsuit.
But while some wanted to sue the company for a faulty product, the primary legal action was brought by the company’s investors who accused CD Projekt of not being honest with the state of the game behind the scenes or how it would be received upon release.
Now, nearly a year after those suits were filed, the game publisher has announced its entrance into a binding settlement term sheet. What does that process look like, and what did the company agree to pay?
At rates like these, perhaps the cyberjuice is worth the cybersqueeze…in Virtual Legality.
#Cyberpunk2077 #CDPR #Settlement
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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
“CD Projekt Sued Over Alleged Cyberpunk Lies! Let’s Read the Lawsuit! (VL379)”
YouTube Video – December 28, 2020 – Hoeg Law
https://youtu.be/_qXytLM4Gv8
Form of CDPR Lawsuit
The Rosen Law Firm
https://www.rosenlegal.com/media/casestudy/2267_Cd%20Projekt%20-%20Complaint%204849-9033-8517%20v.1.pdf
“CD PROJEKT S.A. (OTGLF) CEO Adam Kiciński on Q3 2020 Results – Earnings Call Transcript”
Seeking Alpha Transcript – November 25, 2020
https://seekingalpha.com/article/4391610-cd-projekt-s-otglf-ceo-adam-kicinski-on-q3-2020-results-earnings-call-transcript
“Keanu Reeves denies ever playing Cyberpunk, contrary to CD Projekt claims”
VGC – December 14, 2021
https://www.videogameschronicle.com/news/keanu-reeves-denies-ever-playing-cyberpunk-contrary-to-cd-projekt-claims/
CD Projekt Board Reports
https://www.cdprojekt.com/en/investors/regulatory-announcements/current-report-no-27-2021/
https://www.cdprojekt.com/en/investors/regulatory-announcements/current-report-no-43-2021/
https://www.cdprojekt.com/en/investors/regulatory-announcements/current-report-no-45-2021/
“CD Projekt Red made hundreds of millions on ‘Cyberpunk 2077’ despite the refunds”
Engadget – April 23, 2021
https://www.engadget.com/cd-projekt-red-cyberpunk-2077-2020-fiscal-year-earnings-040643067.html
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“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:
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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.
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Twitter: @hoeglaw
Web: hoeglaw.com
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At rates like these, perhaps the cyberjuice is worth the cybersqueeze…in Virtual Legality.
not a very surprising outcome
Is "faud on the market" even possible considering how broad the disclaimers are? I can see investor-oriented information being a basis but does the finished (sort of) consumer product factor into it?
Not a particularly reassuring way to encourage a company to not make the same mistake twice. L&R
and this is why unreal engine is faltering the specs to use the demo require 30 series graphic cards almost no one can afford at 3 grand a pop let alone the NVME SSD and ram your gonna need
and so they pander to the matrix like cinematics for an unknown reason when cinematics are royalty free …see there stupiidty yet
for 3 years they gave loads a freebies to get people into the engine form old pcs to newer ones and now they even split license so im done using it ….you need to spend too much money on hardware for it to be viable , especially when i can just play all the games i have and get much better value and mod most….
I'm just saying… Mr Hoeg, you have a wonderful channel, both the delivery and content are exemplary. May you and yours have a happy holiday!
"at least on last gen systems". no, the game is still not ready on any system, every single damage calculation and game system is broken in some way. that is not an oopsie, that's deep, systemic problem with the game's core design. the fake advertising, lies and manipulation of reviews didnt help either
Looking at this (and I have a UK perspective) it seems that class actions bring the law into disrepute. They rarely seem to yield very much for the individuals in the class, the lawyers always get paid (on both sides) and the non participant shareholders have shares in a company that has less money in the bank.
In general a company has to keep investors informed. In some industries that information must involve considerable guessing about the future. Every company statement thus carries some class action risk.
I am not allowed to give investment advice but NOT investing in companies which have any American shareholders would be in the advice I am not allowed to give.
What I'm wondering about regarding whether class action suits as investors really makes sense or not. You have a stake in the company being sued, are you not essentially suing yourself? Going through the courts milking money out of the company you have financial incentives to see successful. It seems to me the only one who benefits is the lawyers. The company loses money which it could have used to generate value for share holders who might at the end of it get a tiny share from the class action pay out. If your complaint is financial damage done to you due to drop in share value then further hampering the company to remedy that doesn't seem like the smart play.
"Lawyers get paid".
This is why I never jump on the litigation bandwagon.
it is still not ready to play