Do you guys remember the BlackBerry? These days, with the never-ending releases of the much-desired iPhone, it seems like no one ever mentions the BlackBerry anymore. Might as well place the BlackBerry in the same category as Zack Morris’s cell phone. Do you guys remember Zack’s phone? It looked like a grayish beige brick with an extra long antenna on top. It was a classic. Anyways, I guess the BlackBerry isn’t as historic as Zack’s phone (yet), but if it gets in any more trouble with the law, we might as well say our goodbyes now.
Canadian smart phone company, BlackBerry, is facing a shareholder class action lawsuit alleging that BlackBerry made “materially false and misleading statements and omissions related to the Company’s business and operations.” The lawsuit further alleges that BlackBerry has been deceptive in regards to the company’s future. In addition, BlackBerry purportedly claimed that its newly released BlackBerry 10 platform was doing well and would ultimately help fortify BlackBerry's rise to the top. Sadly, all these statements are allegedly false. The BlackBerry 10 was apparently not as well received by the market, and according to the complaint, “the company was forced to ... lay off approximately 4,500 employees, totaling approximately 40% of its total workforce."
Who Is Included in the Shareholder Lawsuit Against BlackBerry?
Among those included in the BlackBerry lawsuit are those shareholders who acquired BlackBerry stock from September 27, 2012 to September 20, 2013. This is the period when BlackBerry allegedly misled investors about its operations.
What’s Next for BlackBerry?
According to sources, several companies have their eye on BlackBerry and are ready to buy the company out. Included in the list of companies that are supposedly ready to take over BlackBerry are Cisco Systems, SAP, and Google. A few weeks ago there was also news about a $4.7 Billion buyout by Fairfax Financial Holdings. I wonder if the bid still stands?
BlackBerry has surely seen some better days. How do you think it will end for the once-popular smart phone company?
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