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Canadian Shareholders Launch Class Action Today Against BlackBerry Limited (TSX: BB.TO)
MONTREAL , Oct. 15, 2013 /CNW/ - Shareholders launched class action litigation today bef...
About this update from Blackberry Limited
[{"type":"text","content":"\n\n\nMONTREAL, Oct. 15, 2013 /CNW/ - Shareholders launched class action\n litigation today before the Québec Superior Court today against\n BlackBerry Limited (TSX: BB.TO) on behalf of Canadian shareholders who\n purchased BlackBerry stock between September 27, 2012 and September 20,\n 2013.\n\n\n\"For almost a full year, BlackBerry management made market statements\n based on prophecy rather than fact. Thousands of Canadians who invested\n in BlackBerry Limited in the past year have lost hundreds of millions\n of dollars.\" said Tony Merchant, Q.C., referencing the class action\n litigation launched in Québec today seeking compensation for current\n and former 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\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 TSX 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\nBlackBerry Limited 52-week high on the TSX was $17.80 in January, 2013.\n\n\nThe class action lawsuit commenced today in Québec is similar to a\n lawsuit filed in Ontario late last week. Like many Canadian investors\n who relied on the previous public statements made by BlackBerry Limited\n and its management, the Ontario representative plaintiff lost over\n $55,000 due to purchasing BlackBerry Limited shares in the last year.\n Together, these class actions are the only litigation seeking\n compensation on behalf of TSX BlackBerry Limited investors.\n\n\nPeople seeking further information about the 2013 BlackBerry Limited Class Action should provide their contact information at https://www.merchantlaw.com/classactions/blac...