According to the law firm press release, BlackBerry Limited 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. All future docketing was ordered to be done in the lead case 13-CV-07060.
Lead Plaintiffs filed a consolidated amended Complaint on June 2, 2014. Defendants filed a Motion to Dismiss the consolidated amended Complaint on June 29. On March 13, 2015, the Court issued an Order granting Defendants' Motion to Dismiss.
Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on December 11, 2015. On August 24, 2016, the Court of Appeals affirmed the judgment of the District Court dismissing the Complaint and also vacated the District Court's Order denying Plaintiffs' Motion for Reconsideration. The case was remanded for further proceedings.
On September 13, 2017, the Court granted Plaintiffs' Motion to amend the Complaint. Plaintiffs filed a second amended Complaint on September 29. Defendants filed a Motion to Dismiss the second amended Complaint on November 20. On March 19, 2018, the Court issued an Order denying Defendants' Motion to Dismiss.
On June 8, 2020, Lead Plaintiffs filed a Motion for Class Certification. The Court granted Lead Plaintiffs' Motion for Class Certification on January 26, 2021. Defendants filed a Motion for Summary Judgment on April 19. On January 3, 2022, the Court issued an Order denying Defendants' Motion for Summary Judgment.
On April 6, 2022, the parties requested the Court adjourn their planned trial so they could negotiate a preliminary settlement in the class action. The Court granted the request on the same day.
On June 7, 2022, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on June 14. On September 21, the parties made an amendment to the Stipulation of Settlement. On September 29, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.
On March 2, 2023, the Court issued an Order for Distribution of Class Settlement funds.
