Case Page

 

Case Status:    DISMISSED    
On or around 04/25/2013 (Other)

Filing Date: May 26, 2011

According to a press release dated May 26, 2011, the complaint charges RIM and certain of its officers and directors with violations of the Exchange Act. RIM is a designer, manufacturer and marketer of wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support wireless network standards, the Company provides platforms and solutions for access to time-sensitive information, including e-mail, phone, short message service, Internet and intranet-based applications. RIM’s primary revenue stream is generated by the BlackBerry wireless solution, comprised of wireless devices, software and services.

The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that: (a) the Company failed to inform investors that its aging product line and inability to introduce new products to the market was negatively impacting the Company’s business and margins; (b) due to execution issues, product delays, and lackluster product launches, defendants’ knew that shipments of Blackberry smart phones would be down and inventory would be up; and (c) as a result of the foregoing, defendants’ statements regarding the Company’s financial performance and expected earnings were false and misleading and lacked a reasonable basis when made.

On April 28, 2011, RIM issued a press release disclosing lowered first quarter 2012 guidance for the three months ended May 28, 2011. On this news, RIM’s common stock plummeted 14%, or $7.94 per share, to close at $48.65 per share on April 29, 2011, on heavy trading volume.

On May 31, 2011, pursuant to Fed. R. Civ. P. 41(a)(1)(A)(i), Plaintiff voluntarily dismissed this Action without prejudice.

On March 29, 2013, the Court issued an order granting the defendants' motion to dismiss with prejudice.

On April 25, 2013, the plaintiff appealed the judgment granting defendants' motions to dismiss with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: RIMM
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 11-CV-03615
JUDGE: Hon.Alvin K. Hellerstein
DATE FILED: 05/26/2011
CLASS PERIOD START: 12/16/2010
CLASS PERIOD END: 04/28/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
  4. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-04068
JUDGE: Hon.Alvin K. Hellerstein
DATE FILED: 04/11/2012
CLASS PERIOD START: 12/16/2010
CLASS PERIOD END: 06/16/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (New York)
    488 Madison Avenue. Eighth Floor, Brower Piven (New York), NY 10022
    212.501.9000 212.501.0300 · info@browerpiven.com
No Document Title Filing Date
No Document Title Filing Date