BlackBerry wins dismissal of class action lawsuit

Way back in October 2013 Kahn Swick & Foti, LLC and former Louisiana Attorney General Charles C. Foti, Jr filed a class action lawsuit against BlackBerry for ‘materially false and misleading statements and omissions related to the Company’s business and operations’. This means that they believed that BlackBerry mislead investors into thinking BlackBerry’s BlackBerry 10 line up was doing great!

The suit was filed in United States District Court for the Southern District of New York on behalf of purchasers of BlackBerry common stock between September 27, 2012 and September 20, 2013. The lawsuit went before U.S. District Judge Thomas Griesa in Manhattan and the case was dismissed because ‘the plaintiffs failed to plausibly allege that BlackBerry and top officials made material misrepresentations or omissions, or intended to defraud them’.

Source: Reuters