| Company: | Blacberry Ltd |
| Ticker Symbol: | BB |
| Class Period: | Sep-27-12 to Sep-20-13 |
| Date Filed: | Oct-7-13 |
| Lead Plaintiff Deadline: | Dec-6-13 |
| Court: | Southern District of New York |
| Allegations: | |
The lawsuit claims that the Waterloo, Ontario-based tech giant misled investors in 2012 by stating the company was "progressing on its financial and operational commitments," and that previews of its BlackBerry 10 platform were well received by developers, according to shareholder Marvin Pearlstein who filed the securities lawsuit.
The class action seeks to represent "thousands" of shareholders who bought Blackberry stock between September 27, 2012 and September 20, 2013, when it announced it would have to write down between $930 million and $960 million related to unsold BlackBerry 10 devices, according to the lawsuit.
"In reality, the BlackBerry 10 was not well-received by the market, and the company was forced to ... lay off approximately 4,500 employees, totaling approximately 40 percent of its total workforce," the complaint alleges.
BlackBerry Chief Executive Thorsten Heins and Chief Financial Officer Brian Bidulka are also named defendants in the securities class action. According to the lawsuit, the write-down announced on September 20 sent stocks reeling, with share price dropping 24 percent, from $10.52 on September 19 to $8.01 on September 25. The 35-page complaint asserts two violations of the Securities and Exchange Act of 1934.
The latest lawsuit is Pearlstein et al v. BlackBerry Inc et al, U.S. District Court, Southern District of New York, No. 13-7060.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
