A lawsuit was filed for investors in shares of BlackBerry Ltd (NASDAQ:BBRY) and NASDAQ:BBRY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/07/2013 -- An investor, who purchased shares of BlackBerry Ltd (NASDAQ:BBRY), filed a lawsuit in the U.S. District Court for the Southern District of New York against BlackBerry Ltd and certain officers over alleged violations of Federal Securities Laws
Investors who purchased a significant amount of shares of the BlackBerry Ltd (NASDAQ:BBRY), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of purchasers of BlackBerry Ltd shares between Sept. 27, 2010 and Sept. 20, 2013, that the defendants inflated the stock price o BlackBerry Ltd by painting a misleadingly picture of the business prospects of its BlackBerry 10 smartphone line.
The plaintiff says 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.
However, shares of BlackBerry Ltd (NASDAQ:BBRY) traded on Sept. 20, 2013, at $10.488 per share, respectively $11.57 per share on Sept. 9, 2013. Furthermore, NASDAQ:BBRY shares traded in early 2013 as high as $17.90 and as recently as June 26, 2013 as high as $14.91 per share.
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