CD PROJEKT shares are gaining today even 3% after the information that the company has reached an agreement with investors from the US. Nearly a year after the first lawsuits were filed by law firms from the US, it reached a settlement with the applicants. Its value is USD 1.85 million.
Last week, the company informed that it had decided to start talks on a possible settlement with the American applicants. Thus, CD PROJEKT wanted to avoid a court hearing and high litigation costs. Only a week later, a settlement was reached, which provides for the payment of compensation by the Polish company in the amount of USD 1.85 million. The wording stressed that the settlement was not an admission of guilt and that the applicants withdrew any claims. By January 13, 2022, the plaintiffs are to submit an application for approval of the settlement, i.e. “motion for preliminary approval of the settlement”.
“Yesterday, CD Projekt signed a binding agreement containing the key terms of the settlement, according to which the plaintiffs will completely withdraw any claims against the company, in return for which CD Projekt and the insurer will pay USD 1.85 million. As a result, a formal settlement will be reached and the entire procedure is to be completed within a few months ”- comments Maciej Kietliński, Noble Securities analyst. “It is a positive surprise that the settlement talks are finalized so quickly and the relatively small amount that the company and the insurer undertake to pay the plaintiff for the withdrawal of claims,” he continues.
At today’s opening, the CD PROJEKT share price is rising by a few percent, and it is worth noting that tomorrow on Netflix, the premiere of the second season of the Witcher series.