Case Page

 

Case Status:    DISMISSED    
On or around 03/31/2015 (Other)

Filing Date: October 04, 2013

According to the law firm press release, BlackBerry is a designer, manufacturer and marketer of wireless solutions for the worldwide mobile communications market. The Company provides platforms and solutions for access to email, voicemail, instant messaging, short message service, Internet and Intranet-based applications, and browsing through the development of integrated hardware, software, and services.

The Complaint alleges that throughout the Class Period, Defendants published a series of materially false and misleading statements that Defendants knew and/or recklessly disregarded were materially false and misleading at the time of publication, and that omitted to reveal material information necessary to make Defendants' statements, in light of such omissions, not materially false and misleading. Specifically, the Company failed to inform investors that, contrary to Defendants' statements touting the Company's new BlackBerry 10 line of smart phones and the financial strength of BlackBerry, the Company was not on the road to recovery and re-emerging as a lead player in the wireless communications industry, but instead, BlackBerry's business, operations and financial situation was made even worse by the introduction of the BlackBerry 10 platform, which was poorly received by the market.

On September 20, 2013, BlackBerry announced the true state of the Company, which incurred massive charges due to unsold BlackBerry 10 devices and was forced to lay-off approximately 40% of its workforce. In relevant part, the release explained that the Company expects to report a primarily non-cash, pre-tax charge against inventory and supply commitments in the second quarter of approximately $930 million to $960 million, which is primarily attributable to BlackBerry Z10 devices.

On March 25, 2014, the Court issued an Order consolidating cases, appointing lead plaintiffs, and approving lead counsel.

This Case was dismissed by the Court on March 13, 2015.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: BBRY
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 #: 13-CV-07060
JUDGE: Hon. Thomas P. Griesa
DATE FILED: 10/04/2013
CLASS PERIOD START: 09/27/2012
CLASS PERIOD END: 09/20/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kahn Swick & Foti, LLC Former New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC Former New York), NY 10110
    212.696.3730 504.455-1498 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-07060
JUDGE: Hon. Thomas P. Griesa
DATE FILED: 06/02/2014
CLASS PERIOD START: 03/28/2013
CLASS PERIOD END: 09/20/2013
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
  2. Kahn Swick & Foti, LLC (Former New York)
    12 East 41st St. 12th Floor, Kahn Swick & Foti, LLC (Former New York), NY 10017
    212.696.3730 212.696.3730 ·
No Document Title Filing Date
No Document Title Filing Date