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CD Projekt Red Faces Multiple Cyberpunk 2077 Lawsuits Over Misleading Claims – Hot Hardware

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CD Projekt Red (CDPR) is in hot water. The company has been working for the past 8 years on Cyberpunk 2077, only to release the game loaded with bugs, performance issues across all platforms, and graphics that were woefully inadequate on previous generation consoles. Besides drawing the ire of gamers who’ve had to put up with the shortcomings of the game at release, CDPR is also contending with flak from its investors (not to mention, an influx of refunds).

CDPR is now facing multiple class action lawsuits, with one of them being brought forth on behalf of investor Andrew Trampe by the Rosen Law Firm [PDF]. It’s alleged that CDPR executives willfully neglected to inform investors of just how bug-riddled the game was and that the company downplayed other issues surrounding the game prior to release.

The lawsuit claims that public statements made about the game prior to release “were materially false and/or misleading because they misrepresented [facts]” and “[CDPR] failed to disclose that Cyberpunk 2077 was virtually unplayable on the current-generation Xbox or PlayStation systems due to an enormous amount of bugs.”

Cyberpunk 2077 Johnny Silverhand New Screenshot 708px

Those allegations are then backed up by these comments that CDPR execs made admitting to its shortcomings, which we covered earlier this month:

After 3 delays, we as the Management Board were too focused on releasing the game. We underestimated the scale and complexity of the issues, we ignored the signals about the need for additional time to refine the game on the base last-gen consoles. It was the wrong approach and against our business philosophy. On top of that, during the campaign, we showed the game mostly on PCs.

A separate lawsuit from the Schall Law Firm is also seeking class action status “for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.” This lawsuit lays out much of the same evidence presented by the Rosen Law Firm, citing the numerous bugs and near-unplayable state of the game for previous generation consoles. 

“Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about CD Projekt, investors suffered damages,” the complaint states.

Following its initial release CDPR addressed a huge number of bugs and performance issues across all platforms with the v1.05 hotfix for Cyberpunk 2077. A separate, smaller v1.06 hotfix was released this week to fix the pesky save data corruption issue on PC platforms. Looking to the near future, CDPR has big updates planned in January and February to address outstanding issues on console platforms.

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Britain in talks with 6 firms about building gigafactories for EV batteries

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Britain is in talks with six companies about building gigafactories to produce batteries for electric vehicles (EV), the Financial Times reported on Wednesday, citing people briefed on the discussions.

Car makers Ford Motor Co and Nissan Motor Co Ltd, conglomerates LG Corp and Samsung, and start-ups Britishvolt and InoBat Auto are in talks with the British government or local authorities about locations for potential factories and financial support, the report added .

 

(Reporting by Kanishka Singh in Bengaluru; Editing by Himani Sarkar)

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EBay to sell South Korean unit for about $3.6 billion to Shinsegae, Naver

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EBay will sell its South Korean business to retailer Shinsegae Group and e-commerce firm Naver for about 4 trillion won ($3.6 billion), local newspapers reported on Wednesday.

EBay Korea is the country’s third-largest e-commerce firm with market share of about 12.8% in 2020, according to Euromonitor. It operates the platforms Gmarket, Auction and G9.

Shinsegae, Naver and eBay Korea declined to comment.

Lotte Shopping had also been in the running, the Korea Economic Daily and other newspapers said, citing unnamed investment banking sources.

South Korea represents the world’s fourth largest e-commerce market. Driven by the coronavirus pandemic, e-commerce has soared to account for 35.8% of the retail market in 2020 compared with 28.6% in 2019, according to Euromonitor data.

Shinsegae and Naver formed a retail and e-commerce partnership in March by taking stakes worth 250 billion won in each other’s affiliates.

($1 = 1,117.7000 won)

 

(Reporting by Joyce Lee; Editing by Edwina Gibbs)

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Canada launches long-awaited auction of 5G spectrum

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Canada is set to begin a hotly anticipated auction of the mobile telecommunications bandwidth necessary for 5G rollout, one that was delayed more than a year by the pandemic.

The 3,500 MHz is a spectrum companies need to provide 5G, which requires more bandwidth to expand internet capabilities.The auction, initially scheduled for June 2020, is expected to take several weeks with Canadian government selling off 1,504 licenses in 172 service areas.

Smaller operators are going into the auction complaining that recent regulatory rulings have further tilted the scales in the favour of the country’s three biggest telecoms companies – BCE, Telus and Rogers Communications Inc – which together control around 90% of the market as a share of revenue.

Canadian mobile and internet consumers, meanwhile, have complained for years that their bills are among the world’s steepest. Prime Minister Justin Trudeau’s Liberal government has threatened to take action if the providers did not cut bills by 25%.

The last auction of the 600 MHz spectrum raised C$3.5 billion ($2.87 billion) for the government.

The companies have defended themselves, saying the prices they charge are falling.

Some 23 bidders including regional players such as Cogeco and Quebec’s Videotron are participating in the process. Shaw Communications did not apply to participate due to a $16 billion takeover bid from Rogers. Lawmakers and analysts have warned that market concentration will intensify if that acquisition proceeds.

In May, after Canada‘s telecoms regulator issued a ruling largely in favour of the big three on pricing for smaller companies’ access to broadband networks, internet service provider TekSavvy Inc withdrew from the auction, citing the decision.

Some experts say the government has been trying to level the playing field with its decision to set aside a proportion of spectrum in certain areas for smaller companies.

Gregory Taylor, a spectrum expert and associate professor at the University of Calgary, said he was pleased the government was auctioning off smaller geographic areas of coverage.

In previous auctions where the license covered whole provinces, “small providers could not participate because they could not hope to cover the range that was required in the license,” Taylor said.

Smaller geographic areas mean they have a better chance of fulfilling the requirements for the license, such as providing service to 90% of the population within five years of the issuance date.

The auction has no scheduled end date, although the federal ministry in charge of the spectrum auction has said winners would be announced within five days of bidding completion.

($1 = 1.2181 Canadian dollars)

 

(Reporting by Moira Warburton in Vancouver; Editing by David Gregorio)

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