10/20/2014

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Business

BlackBerry faces class action shareholder lawsuit

BlackBerry faces class action shareholder lawsuit
(AP Photo/The Canadian Press, Geoff Robins)
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TORONTO (AP) — A class action lawsuit has been filed against BlackBerry by a shareholder claiming the company misled investors about its future, including how the BlackBerry 10 smartphone line would fare against competitors.

The lawsuit seeks to represent thousands of shareholders who purchased BlackBerry stock from Sept. 27, 2012, to Sept. 20, 2013, a period in which it alleges executives misrepresented the state of BlackBerry's operations.

Marvin Pearlstein filed the lawsuit in a Manhattan court on Friday.

BlackBerry's CEO Thorsten Heins and chief financial officer Brian Bidulka are also named as defendants.

BlackBerry declined to comment.

BlackBerry disclosed last month that it would book nearly a billion dollars in losses related primarily to the write down of unsold BlackBerry Z10 touchscreen smartphones.
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