But..but..but didn't I read that it was an A-class ticket, i.e. an OWE or some such discount first-class ride? My understanding of the OWE contract is that if you have an A-class ticket and there are no A-class seats available, they can put you in coach (assuming the business cabin is also full), take it or leave it. You're free to adjust your schedule to a day when an A seat is available, or ride in the seat that's there.
There certainly have been segments where there was no A inventory left and I booked D, waitlisted for A, and one time dear old AA confirmed me in "A" on a two-class domestic segment, and sprang the news at checkin that there were already a bunch of people with swifter running shoes than I wear filling all the seats. Too bad, enjoy coach. They gave me 8000 miles when I asked, which is more than I expected.
Granted it's more of a disappointment when they spring it at check in than if you know at booking time that you're wait-listed, but it sure seems to me that Cathay was being really, really kind.