BlackBerry faces shareholder action
Published 05/10/2013 | 17:56
A class action lawsuit has been filed against BlackBerry by a shareholder claiming that the Canadian company misled investors about its future, including how the BlackBerry Z10 smartphone would fare against competitors.
The lawsuit seeks to represent thousands of shareholders who purchased BlackBerry stock between September 27 2012 and September 20 this year, a period in which it alleges executives misrepresented the state of BlackBerry's operations.
Marvin Pearlstein filed the lawsuit in a Manhattan court yesterday.
BlackBerry's chief executive, Thorsten Heins, and chief financial officer Brian Bidulka are also named as defendants.
BlackBerry declined to comment.
BlackBerry disclosed last month that it would record nearly a billion dollars in losses related primarily to the writedown of unsold BlackBerry Z10 touchscreen smartphones.