Published in Mobiles

Blackberry wants to settle eight year old lawsuit

by on07 April 2022

It could get messy

BlackBerry wants to settle a more than eight-year-old lawsuit claiming it defrauded shareholders by inflating the success and profitability of its long-discontinued BlackBerry 10 smartphones.

US District Judge Colleen McMahon in Manhattan federal court granted a Wednesday request by lawyers for BlackBerry and the shareholders to adjourn their planned trial so they could negotiate a preliminary settlement in the class action.

Jury selection had been scheduled to begin on Thursday. Any settlement would require the judge's approval.

While the BlackBerry 10 won positive reviews from critics, it had been out evolved by Android-based smartphones.

In 2016 the outfit decided to stop making phones, and it now focuses on cybersecurity.

Shareholders accused BlackBerry of concealing BlackBerry 10's true sales prospects in public statements during 2013, resulting in an inflated share price.

The lawsuit began in October 2013. Other defendants include Chief Executive Officer Thorsten Heins, former Chief Financial Officer Brian Bidulka and former Chief Legal Officer Steve Zipperstein.

Lawsuits accusing companies of misleading shareholders are common in the United States, but few go to trial.


Last modified on 07 April 2022
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