A Deadline is coming up on 12/03/2013 in the lawsuit for investors in BlackBerry Ltd (NASDAQ:BBRY) and NASDAQ:BBRY stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 11/19/2013 -- A deadline is coming up on 12/03/2013 in the lawsuit filed for investors of BlackBerry Ltd (NASDAQ:BBRY) over alleged securities laws violations by BlackBerry Ltd.
Investors with a substantial investment in BlackBerry Ltd (NASDAQ:BBRY) shares between Sept. 27, 2010 and Sept. 20, 2013, should get active before the Deadline that is coming up on December 3, 2013, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of BlackBerry Ltd (NASDAQ:BBRY) shares between Sept. 27, 2010 and Sept. 20, 2013 that the defendants mislead investors in September 2012 by saying that BlackBerry was progressing on its financial and operational commitments, and that previews of its BlackBerry 10 platform were well received by developers.
However, on Friday, Sept. 20, 2013, BlackBerry Ltd, formerly Research In Motion Ltd, announced its preliminary second quarter fiscal 2014 results. The plaintiff claims that In reality, the BlackBerry 10 was not well received by the market and BlackBerry Ltd had to write down a nearly $1 billion charge related to unsold BlackBerry 10 devices and lay off approximately 4,500 employees.
Then on Monday, Sept. 23, 2013, BlackBerry Ltd announced that it has signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence. BlackBerry Ltd said that the letter of intent contemplates a transaction in which BlackBerry shareholders would receive U.S. $9 in cash for each share of BlackBerry share they hold, in a transaction valued at approximately U.S. $4.7 billion.
On November 4, 2013, BlackBerry Ltd announced that it has entered into an agreement pursuant to which Fairfax Financial Holdings Limited (“Fairfax”) and other institutional investors (collectively, the “Purchasers”) will invest in BlackBerry through a U.S. $1 billion private placement of convertible debentures. Fairfax has agreed to acquire U.S.$250 million principal amount of the Debentures. On November 13, 2013 BlackBerry Ltd announced that it has completed the US $1 billion private placement of convertible debentures to Fairfax Financial Holdings Limited and other institutional investors.
Shares of BlackBerry Ltd (NASDAQ:BBRY) declined from $11.53 in early September 2013 to as low as $6.22 per share on November 18, 2013.
Those who are investors in BlackBerry Ltd (NASDAQ:BBRY) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego