MONTREAL, Oct. 15, 2013 /CNW/ - Shareholders launched class action
litigation today before the Québec Superior Court today against
BlackBerry Limited (TSX: BB.TO) on behalf of Canadian shareholders who
purchased BlackBerry stock between September 27, 2012 and September 20,
"For almost a full year, BlackBerry management made market statements
based on prophecy rather than fact. Thousands of Canadians who invested
in BlackBerry Limited in the past year have lost hundreds of millions
of dollars." said Tony Merchant, Q.C., referencing the class action
litigation launched in Québec today seeking compensation for current
and former 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.
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 TSX 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.
BlackBerry Limited 52-week high on the TSX was $17.80 in January, 2013.
The class action lawsuit commenced today in Québec is similar to a
lawsuit filed in Ontario late last week. Like many Canadian investors
who relied on the previous public statements made by BlackBerry Limited
and its management, the Ontario representative plaintiff lost over
$55,000 due to purchasing BlackBerry Limited shares in the last year.
Together, these class actions are the only litigation seeking
compensation on behalf of TSX BlackBerry Limited investors.
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.
A copy of the BlackBerry Limited class action lawsuit (as filed today
with the Court) can be provided to the media, upon request, by
SOURCE: Merchant Law Group
For further information:
For media inquiries, please contact Tony Merchant, Q.C. at 866-653-7777 (who is in Ontario today).