CD Projekt falls on rumours about problems at co
11/10/2024 12:06
(Updates)
** Shares in Polish video games maker CD Projekt CDR.WA
slump as much as 7%, with analysts pointing to rumours in a
YouTube video referring to alleged problems at the company
** Michal Nowakowski, CD Projekt's joint CEO, in a post on X
dismissed the rumours as "looking for conspiracy theories"
** "Seems we live in times where anyone can record
complete nonsense and make a story out of it" - he added
** YouTuber at ENDYMIONtv channel citing an industry insider
says CD Projekt is facing "serious challenges," including the
departure of talented employees
** The market prefers to approach this information with
caution, and if there are any signs that there is a problem with
the experienced staff at CD Projekt, then investors also see
this risk," Piotr Bogusz analyst at Erste Group says
** Bogusz adds in a note that the alleged problems have been
reported from a single source and it is difficult to determine
its credibility
** "I regard these reports as nothing more than rumours and
a search for sensationalism," Grzegorz Balcerski from Trigon
brokerage says
** "However, this reaction may show that scepticism towards
the industry has been significant lately, and even rumours can
cause such movements," he adds
** Stock down 6% by 0947 GMT, at the bottom of Poland's blue
chip index WIG20 .WIG20
($1 = 3.9218 zlotys)
(Reporting by Marta Maciag and Rafal Wojciech Nowak)
((Marta.Maciag@thomsonreuters.com; +48 58 746 91 96))