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CDPR Sued For Securities Violations
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<blockquote data-quote="embee" data-source="post: 8159606" data-attributes="member: 7026827"><p>I know next to nothing about corporate law or corporate litigation. </p><p></p><p>That said, a shareholder derivative suit (which this is not) is brought by a shareholder of a corporation for the benefit of the corporation. A shareholder’s class action lawsuit is brought by a shareholder for the benefit of themselves and the other shareholders. The practical difference is that in a derivative suit, any damages awarded are paid to the corporation; in a shareholder class action, the damages go to the class (the shareholder's). </p><p></p><p>So why do one instead of the other?</p><p></p><p>A derivative suit is usually brought to cure waste or self-dealing. Let's say the Board or portion thereof engaged in self-dealing. Well, the only way to hurt a corporation is through its wallet. So, to the extent there was monetary damage for, say, selling an asset at a below market price, the derivative suit could seek the shortfall and the award would go to the corporation.</p><p></p><p>Here, the claim (as I understand it) is that the Board made material misrepresentations about the completeness and playability of Cyberpunk during an October conference call, representing that the game was complete and playable across all advertised platforms, current-gen consoles included. This led to some investors either retaining their shares or increasing their position and the ensuing revelation that the game was buggy and performed poorly on current-gen consoles caused a precipitous decline in the traded share price following news reports, thereby injuring the shareholders monetarily. </p><p></p><p>I make no representations as to the viability of this claim or any tactical or negotiation value such claims have, other than to say it's a newly filed action, the defendants still have time to interpose an Answer or file motions to dismiss, and the class still has to be certified.</p></blockquote><p></p>
[QUOTE="embee, post: 8159606, member: 7026827"] I know next to nothing about corporate law or corporate litigation. That said, a shareholder derivative suit (which this is not) is brought by a shareholder of a corporation for the benefit of the corporation. A shareholder’s class action lawsuit is brought by a shareholder for the benefit of themselves and the other shareholders. The practical difference is that in a derivative suit, any damages awarded are paid to the corporation; in a shareholder class action, the damages go to the class (the shareholder's). So why do one instead of the other? A derivative suit is usually brought to cure waste or self-dealing. Let's say the Board or portion thereof engaged in self-dealing. Well, the only way to hurt a corporation is through its wallet. So, to the extent there was monetary damage for, say, selling an asset at a below market price, the derivative suit could seek the shortfall and the award would go to the corporation. Here, the claim (as I understand it) is that the Board made material misrepresentations about the completeness and playability of Cyberpunk during an October conference call, representing that the game was complete and playable across all advertised platforms, current-gen consoles included. This led to some investors either retaining their shares or increasing their position and the ensuing revelation that the game was buggy and performed poorly on current-gen consoles caused a precipitous decline in the traded share price following news reports, thereby injuring the shareholders monetarily. I make no representations as to the viability of this claim or any tactical or negotiation value such claims have, other than to say it's a newly filed action, the defendants still have time to interpose an Answer or file motions to dismiss, and the class still has to be certified. [/QUOTE]
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