BLACKBERRY SHAREHOLDER FILES LAWSUIT

Oct 05, 2013

By Bob Sheppard

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A class action lawsuit has been filed against Blackberry, claiming the Waterloo, Ontario-based company and its two senior execurives misled shareholders about its future.

The suit, filed in New York yesterday, claims investors were told the company was positioned to re-emerge as a lead player in the wireless communications industry and that its Z-10 smartphone would do well.

Instead, Z-10 sales have been disappointing, the company laid off 40 percent of its employees, and Blackberry recently announced a loss of nearly a billion dollars.

The suit hopes to represent shareholders who purchased Blacberry stock between September 27th, 2012 and September 20th, 2013.

The suit also names chief executive Thorsten Heins and chief financial officer Brian Bidulka.

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