Business
Canadian Shareholders Class Action Launched Today Against BlackBerry Limited (TSX: BB.TO)
TORONTO , Oct. 10, 2013 /CNW/ - Merchant Law Group LLP launched class action litigation ...
About this update from Blackberry Limited
[{"type":"text","content":"\n\n\nTORONTO, Oct. 10, 2013 /CNW/ - Merchant Law Group LLP launched class\n action litigation before the Ontario Superior Court of Justice today\n against BlackBerry Limited (TSX: BB.TO) on behalf of Canadian\n shareholders who purchased BlackBerry stock between September 27, 2012\n and September 20, 2013.\n\n\n\"Canadians who invested in BlackBerry Limited in the past year have lost\n hundreds of millions of dollars. For almost a full year, BlackBerry\n management made market statements based on prophecy rather than the\n actual circumstances at BlackBerry Limited.\" said Tony Merchant, Q.C.,\n whose law firm launched the Canadian class action today seeking over\n $900 million in compensation for BlackBerry Limited shareholders.\n\n\nThe class action lawsuit alleges that BlackBerry Limited and its senior\n management knowingly or negligently misrepresented that the BlackBerry\n 10 line of smartphones were being received well by international\n consumers and the public at large, and that BlackBerry Limited was in a\n strong financial position.\n\n\nLike many Canadian investors who relied on the previous public\n statements made by BlackBerry Limited and its management, the\n representative plaintiff for this class action lawsuit lost over\n $55,000 due to purchasing BlackBerry Limited shares in the last year.\n\n\nOnly with the announcement of BlackBerry Limited's preliminary quarterly\n results (for the three months ending August 31, 2013) on September 20,\n 2013, did a realistic picture of BlackBerry Limited's situation get\n revealed to the public, which included the announcement an almost $1\n billion write-down and BlackBerry's plan to layoff 4,500 staff or\n approximately 40% of BlackBerry's workforce.\n\n\nBlackBerry Limited's share price immediately slid from a previous\n closing price of $10.82 per share on September 19, 2013 to a closing\n price of $8.26 by September 25, 2013.\n\n\nPeople seeking further information about the 2013 BlackBerry Limited Class Action should provide their contact information at https://www.merchantlaw.com/classactions/blackberry.php\n\n\nMerchant Law Group LLP is a leading Canadian class action firm with 12\n offices across Canada from Montreal to Victoria.  Merchant Law Group\n LLP is well known for its involvement in mass tort and class action\n cases in Canada including Residential ...