CD Projekt Will Pay Investors Disappointed With Cyberpunk 2077
CD Projekt has signed a settlement with investors who sued the company over the underperformance of Cyberpunk 2077.
Last week, it was reported that CD Projekt had entered negotiations on a lawsuit by investors unhappy with the worse-than-promised launch of Cyberpunk 2077. We didn't have to wait long for the result of these talks. It has just been announced that the Polish company has signed a settlement, as a result of which it will pay $1.85 million for waiving claims against the company and its management.
The agreement still has to be approved by the court, but that shouldn't be a problem. In the official press release [in Polish], CD Projekt emphasizes that reaching a settlement does not mean an admission of guilt, and it was reached in order to save the company the costs and waste of time which would inevitably result in further litigation.
"The fact that an agreement was reached does not imply any admission of guilt on the part of the company or the other defendants, which is also confirmed in the text of the agreement.
{...}
The agreement was reached in consideration of the time and cost of further proceedings in the U.S. which could have occurred regardless of the court's decision, the acceptance of the main terms of settlement by the company's insurer, the recommendation of the U.S. law firm representing the company and the other defendants to reach a settlement, which is a the common market practice in the U.S. in this type of proceedings.
The agreed amount will be paid by CD Projekt and the company's insurer, Colonnade Insurance.
As you may remember, the proceedings were initiated by investors who lost money due to the worse than expected results of the Polish developer. They argued that they were misled by CD Projekt's assurances about the game's quality. Initially there were four lawsuits, but they were eventually consolidated into one.
The amount of $1.85 million may not seem high, given the company's financial performance, but comparing it to the fact that it will be divided between only four suitors, it is not a modest sum.
- Cyberpunk 2077 on PS4 is a Disaster. We Were Supposed to Burn City, not Consoles (PlayStation 4 version review)
- Cyberpunk 2077 Review - Samurai, You've Got a Great RPG to Play! (PC version review)
- Cyberpunk 2077 - game guide
- Cyberpunk 2077 - official website
