The UK investment fund, which is a co-owner of CD Projekt shares, is demanding the resignation of the company’s board of directors. The reason is the complete financial failure of Cyberpunk and the massive decline in the stock valuation of the Polish game studio.
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After posting a record profit of PLN 1.15 billion for 2020, driven by Cyberpunk pre-orders and early sales, the company’s first-quarter net profit was 62 percent. Below average analyst estimates.
The reason for this was that the game’s premiere was delayed several times, and when it was actually made available to players, it turned out to contain a lot of bugs. The cup of gallbladder was poured by a decision of Sony Group Corp., which was forced to remove it from the online PlayStation Store and provide a refund to customers.
This was reflected in the financial results. Since Cyberpunk debuted on the stock exchange, the studio’s stock has lost 57 percent. This means a decrease of 22.6 billion PLN (6.2 billion USD).
According to Bloomberg, Jeffrey Terman, CEO of Abri Mutual Fund, stated that If President Adam Kissinski and Vice President Marcin Ewinsky Don’t Resign, His Company Will Ask Shareholders to Change Its Supervisory Board. The British fund did not disclose how much CD Projekt it shares.
CD Projekt set record results
The creators of “Cyberpunk 2077” and “The Witcher” recorded a fourfold increase in revenue in 2020, compared to the previous year. Net profit increased by…
“I would like the company to provide an outline of how it intends to address all the shortcomings and how it plans to strategically reform its brand and the trust it has lost among its clients and shareholder base,” said Abri Advisors, Abri Advisors, quoted by Bloomberg.
Pushing the changes to CD Projekt will be a difficult task. The company’s articles of association provide that a majority of three-fifths of the shareholders are required to dismiss the members of the supervisory board.
Moreover, the current directors – along with brother of the president and co-founder Michal Kisinski – together own at least 34 percent. Thus CD Projekt plays a large role in the selection of the supervisory board.
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