NEW YORK, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of CD Projekt S.A. (Other OTC: OTGLY, OTGLF), SolarWinds Corporation (NYSE: SWI), QuantumScape Corporation (NYSE: QS), and Tricida, Inc. (NASDAQ: TCDA). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
CD Projekt S.A. (Other OTC: OTGLY, OTGLF)
Class Period: January 16, 2020 to December 17, 2020
Lead Plaintiff Deadline: February 22, 2021
For several years, the Company had been devoting substantially all its resources to the development of Cyberpunk 2077, which the Company described as a “open world, narrative-driven role-playing game.”
The Company launched Cyberpunk 2077 on December 10, 2020. Consumers soon discovered that the Current-Generation Console versions of Cyberpunk 2077 were error-laden and difficult to play. IGN published a scathing review, stating that the Console versions “fail to hit even the lowest bar of technical quality one should expect even when playing on lower-end hardware. [Cyberpunk 2077] performs so poorly that it makes combat, driving, and what is otherwise a master craft of storytelling legitimately difficult to look at.”
Following the release, the Company’s ADRs fell from its close of $27.68 on December 9, 2020 to close at $20.75 on December 14, 2020, a drop of $6.93 or 25% over 3 trading days, damaging investors. Over that same period, CD Projekt’s common share (OTGLF) price fell $21.65 per share, or 20.1%, to close at $86.00 on December 14, 2020.
Then, on December 18, 2020, Sony issued a statement via the Playstation website that it would “offer a full refund for all gamers who have purchased Cyberpunk 2077 via PlayStation Store” and “be removing Cyberpunk 2077 from PlayStation Store until further notice.” Microsoft also announced that it would offer refunds for the game. That same day, the Company stated that Sony’s decision to “temporarily suspend” sales of the game came after a discussion with the Company.
On this news, CD Projekt’s ADR (OTGLY) price fell $3.44 per share, or 15.8%, to close at $18.50 per ADR on December 18, 2020, damaging investors. CD Projekt’s common share (OTGLF) price fell $9.20 per share, or 10.45%, to close at $78.80 on December 18, 2020.
The complaint, filed on December 24, 2020, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Cyberpunk 2077 was virtually unplayable on the current-generation Xbox or Playstation systems due to an enormous number of bugs; (2) as a result, Sony would remove Cyberpunk 2077 from the Playstation store, and Sony, Microsoft and CD Projekt would be forced to offer full refunds for the game; (3) consequently, CD Projekt would suffer reputational and pecuniary harm; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the CD Projekt class action go to: https://bespc.com/cases/CDProjekt
SolarWinds Corporation (NYSE: SWI)
Class Period: February 24, 2020 to December 15, 2020
Lead Plaintiff Deadline: March 5, 2021
On December 15, 2020, Reuters published an article stating that, last year, security researcher Vinoth Kumar “alerted the company that anyone could access SolarWinds’ update server by using the password ‘solarwinds123.’” The article also disclosed that, according to Kyle Hanslovan, the cofounder of Maryland-based cybersecurity company Huntress, “days after SolarWinds realized their software had been compromised, the malicious updates were still available for download.”
On this news, the Company’s shares fell $1.56 per share or 8% to close at $18.06 per share on December 15, 2020.
The complaint, filed on January 4, 2021, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) since mid-2020, SolarWinds Orion monitoring products had a vulnerability that allowed hackers to compromise the server upon which the products ran; (2) SolarWinds’ update server had an easily accessible password of ‘solarwinds123’; (3) consequently, SolarWinds’ customers, including, among others, the Federal Government, Microsoft, Cisco, and Nvidia, would be vulnerable to hacks; (4) as a result, the Company would suffer significant reputational harm; and (5) as a result, Defendants’ statements about SolarWinds’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the SolarWinds class action go to: https://bespc.com/cases/SWI
QuantumScape Corporation (NYSE: QS)
Class Period: November 27, 2020 to December 31, 2020
Lead Plaintiff Deadline: March 8, 2021
On January 4, 2021, an article was published on Seeking Alpha pointing to several risks with QuantumScape’s solid-state batteries that make it “completely unacceptable for real world field electric vehicles.” Specifically, it stated that the battery’s power means it “will only last for 260 cycles or about 75,000 miles of aggressive driving.” As solid-state batteries are temperature sensitive, “the power and cycle tests at 30 and 45 degrees above would have been significantly worse if run even a few degrees lower.”
On this news, the Company’s stock price fell $34.49, or approximately 40.84%, to close at $49.96 per share on January 4, 2021.
The complaint, filed on January 5, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company’s purported success related to its solid-state battery power, battery life, and energy density were significantly overstated; (2) that the Company is unlikely to be able to scale its technology to the multi-layer cell necessary to power electric vehicles; and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the QuantumScape class action go to: https://bespc.com/cases/QS
Tricida, Inc. (NASDAQ: TCDA)
Class Period: September 4, 2019 to October 28, 2020
Lead Plaintiff Deadline: March 8, 2021
Tricida is a pharmaceutical company that focuses on the development and commercialization of its drug candidate, veverimer (TRC101), a non-absorbed, orally administered polymer designed as a potential treatment for metabolic acidosis in patients with CKD. Tricida has completed a Phase 3, double-blind, placebo-controlled trial of veverimer in patients with CKD and metabolic acidosis.
On September 4, 2019, Tricida announced that it had submitted a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) under the Accelerated Approval Program for approval of veverimer for the treatment of metabolic acidosis in patients with CKD.
On July 15, 2020, Tricida issued a press release announcing that, on July 14, 2020, the Company received a notification from the FDA, stating that as part of the FDA’s ongoing review of the Company’s NDA for veverimer, “the FDA has identified deficiencies that preclude discussion of labeling and post marketing requirements/commitments at this time.” Tricida stated that “[t]he notification does not specify the deficiencies identified by the FDA.”
On this news, Tricida’s stock price fell $10.56 per share, or 40.31%, to close at $15.64 per share on July 16, 2020.
Then, on October 29, 2020, Tricida announced an update on its End-of-Review Type A meeting with the FDA regarding the veverimer NDA, advising investors that the Company “now believes the FDA will also require evidence of veverimer’s effect on CKD progression from a near-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and that the FDA is unlikely to rely solely on serum bicarbonate data for determination of efficacy.” Concurrently, Tricida disclosed that it “is significantly reducing its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility.”
On this news, Tricida's stock price fell $3.90 per share, or 47.16%, to close at $4.37 per share on October 29, 2020.
The complaint, filed on January 6, 2021, alleges that throughout the Class Period defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies. Specifically, defendants made false and/or misleading statements and failed to disclose to investors that: (i) Tricida’s NDA for veverimer was materially deficient; (ii) accordingly, it was foreseeably likely that the FDA would not accept the NDA for veverimer; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Tricida class action go to: https://bespc.com/cases/TCDA
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.