BlackBerry, already reeling from tumbling stock prices and struggling to regain its once commanding position in Parajumpers Jacka Billigt the smartphone world, faces another challenge in the form of a newly-filed securities class action lawsuit.
The suit, filed in Manhattan on October 4, accuses BlackBerry of painting an overly rosy assessment of the company’s future, including what the suit says was unwarranted optimism about the BlackBerry 10, the company’s latest smartphone.
According to , the suit singles out comments made by BlackBerry CEO Thorsten Heins on September 27. Cheap Converse Shoes In a press release that day, Heins predicted the BlackBerry 10 would “drive improvements across the company.” Later that day, Heins claimed in a conference call that the company remained “financially strong” and was “executing and delivering on [its] commitments.”
To the contrary, the suit alleges, “the BlackBerry 10 was not well received by the market and the company was forced to write down a nearly $1 billion charge related to unsold BlackBerry 10 devices and lay off approximately 4,500 employees, totaling approximately 40 percent of its total workforce.”
The suit, Pearlstein v. BlackBerry Ltd., seeks to represent a class of investors who purchased BlackBerry stock between September 27, 2012 and September 20, 2013.