|[October 08, 2013]
Newman Ferrara LLP Announces Securities Class Action Against BlackBerry Limited and Advises Investors of December 3, 2013 Lead Plaintiff Deadline
NEW YORK --(Business Wire)--
Newman Ferrara LLP announces that a class action lawsuit has been filed
in the Unites States District Court, Southern District of New York
against BlackBerry (News - Alert) Limited (NASDAQ: BBRY) ("BlackBerry" or the
"Company") and certain of its executive officers, alleging violations of
federal securities laws.
Investors who purchased BlackBerry securities between September 27, 2012
and September 20, 2013 (the "Class Period") may apply with the Court to
be appointed Lead Plaintiff no later than December 3, 2013. The Lead
Plaintiff will direct the litigation on behalf of the other class
As alleged in the Complaint, BlackBerry and certain of its officers made
a series of materially false and misleading statements and omissions
related to the Company's business and operations in violation of the
Securities Exchange Act of 1934. In particular, it is alleged that
BlackBerry actively misled investors about the success and financial
prospects of its new BlackBerry 10 line of smart phones and claimed
falsely that the line would herald in the Company's financial recovery.
However, unbeknownst to investors, the introduction and poor market
reception of the BlackBerry 10 line was actually further hurting the
Company's business, operations and financial situation.
On September 20, 2013, BlackBerry admitted finally that it would incur
massive charges due to unsold BlackBerry 10 inventory. According to the
"[BlackBerry] 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."
To make matters worse, the Company further announced it is preparing for
deep staff cuts of up to 40% of its employees by year end.
As a result of these disclosures, BlackBerry stock plummeted from a
closing price of $10.52 per share on September 19, 2013, to a close of
$8.73 per share on September 20, 2013. Thereafter, BlackBerry shares
continued to slide on heavy trading volume as investors liquidated their
Investors who purchased shares of BlackBerry during the Class Period may
contact Newman Ferrara partner Jeffrey M. Norton (firstname.lastname@example.org)
by email or call (212) 619-5400 to discuss this lawsuit or the Lead
Whistleblowers: Persons with knowledge that may aid in the
investigation of this matter are encouraged to contact the firm. Under
the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected
from employer retaliation and may be entitled to as much as 30 percent
of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
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