Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of BlackBerry Limited (“BlackBerry” or the “Company”) (NasdaqGS: BBRY) common stock during the period between September 27, 2012 and September 20, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in BlackBerry Limited common stock purchased on or after September 27, 2012, and held through the revelations of negative information on September 20, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 3, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that, contrary to the Company’s statements that its new BlackBerry 10 line of smart phones financially strengthened BlackBerry and positioned the Company on a path to recovery, BlackBerry’s business, operations and financial situation was made even worse by the poor market reception of the BlackBerry 10 platform. According to the complaint, following the Company’s September 20, 2013 disclosure that it had incurred massive charges from unsold BlackBerry 10 devices and was forced to lay-off approximately 40% of its workforce, the value of BlackBerry shares declined significantly.