Abri Advisors – the British shareholder of CD Projekt RED – is calling for the resignation of the entire Polish company’s board of directors. These are the repercussions of the unsuccessful launch of Cyberpunk 2077.
The past few months haven’t been the best for CD Projekt RED. Cyberpunk 2077’s premiere turned out to be a major gaffe and the game left users in an unacceptable state. Users of previous generation consoles – PlayStation 4 and Xbox One – had to face many bugs and problems, but it wasn’t much better on PS5, PC or Xbox Series X.
Huge problems in Cyberpunk 2077
So it got to the point where Cyberpunk 2077 movie It was removed from the PlayStation Store and so far, despite several updates, it has not been returned to the Store. The company’s financial results may not be bad, but they turned out to be 64% lower than expected. The same goes for the sale of the game, which – according to estimates – should have been much better. In the first quarter of 2021, the Cyberpunk 2077 is said to have been purchased by just 500,000. players around the world. Anyway, just take a look at Steam stats to find out The number of people playing the game is 2.5-3 times less than The Witcher 3, which was released 6 years ago.
All this translated into a significant drop in the Polish company’s valuation from a record 440 PLN per share to just 150 PLN. No wonder CD Projekt RED shareholders are increasingly concerned. The Polish company has not only been sued by many of them, but now Ibri’s British advisers demand in a letter the resignation of the entire Polish company’s board of directors
Even if you wanted to, you wouldn’t make as many mistakes as these guys do. It’s shocking.
Jeffrey Terman, CEO of Abri, told Bloomberg.
We don’t know exactly how many shares Abri Advisors ownsBut the company guarantees that in fact it believes in the success of the project because it is not playing a so-called short selling of shares. According to their president, it is the significant depreciation of CD Projekt RED that speaks in favor of the necessary changes in the Polish company, including the resignation of the entire board of directors. Will this kind of message do anything? Mostly not. This is just a PR ploy to show shareholder dissatisfaction. However, this is a nod to the big consequences of a bad game premiere. This may follow the Reds not only for months, but even in subsequent years.
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Text source: Bloomberg, Business Insider