TORONTO, Oct. 10, 2013 /CNW/ - Merchant Law Group LLP launched class action litigation before the Ontario Superior Court of Justice today against BlackBerry Limited (TSX: BB.TO) on behalf of Canadian shareholders who purchased BlackBerry stock between September 27, 2012 and September 20, 2013.
"Canadians who invested in BlackBerry Limited in the past year have lost hundreds of millions of dollars. For almost a full year, BlackBerry management made market statements based on prophecy rather than the actual circumstances at BlackBerry Limited." said Tony Merchant, Q.C., whose law firm launched the Canadian class action today seeking over $900 million in compensation for BlackBerry Limited shareholders.
The class action lawsuit alleges that BlackBerry Limited and its senior management knowingly or negligently misrepresented that the BlackBerry 10 line of smartphones were being received well by international consumers and the public at large, and that BlackBerry Limited was in a strong financial position.
Like many Canadian investors who relied on the previous public statements made by BlackBerry Limited and its management, the representative plaintiff for this class action lawsuit lost over $55,000 due to purchasing BlackBerry Limited shares in the last year.
Only with the announcement of BlackBerry Limited's preliminary quarterly results (for the three months ending August 31, 2013) on September 20, 2013, did a realistic picture of BlackBerry Limited's situation get revealed to the public, which included the announcement an almost $1 billion write-down and BlackBerry's plan to layoff 4,500 staff or approximately 40% of BlackBerry's workforce.
BlackBerry Limited's share price immediately slid from a previous closing price of $10.82 per share on September 19, 2013 to a closing price of $8.26 by September 25, 2013.
People seeking further information about the 2013 BlackBerry Limited Class Action should provide their contact information at https://www.merchantlaw.com/classactions/blackberry.php
Merchant Law Group LLP is a leading Canadian class action firm with 12 offices across Canada from Montreal to Victoria. Merchant Law Group LLP is well known for its involvement in mass tort and class action cases in Canada including Residential Schools, Cellular System Access Fees, Hollinger, Maple Leaf Foods, Toyota, Vioxx, and many other cases.
SOURCE: Merchant Law Group
For further information:
For media inquiries, please contact Tony Merchant, Q.C. at 866-653-7777. Please note, Mr. Merchant is in Vancouver, British Columbia today.
A copy of the BlackBerry Limited class action lawsuit (as filed with the Court) can be provided to media, upon request, by e-mailing [email protected]