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BlackBerry wins dismissal of lawsuit related to company operations and outlook

Segun Balogun



Back in October 2013, a class action lawsuit was filed against BlackBerry by Kahn Swick & Foti, LLC and former Louisiana Attorney General Charles C. Foti, Jr., alleging BlackBerry had filed ‘materially false and misleading statements and omissions related to the Company’s business and operations’ which misled shareholders into believing that the BlackBerry 10 line of devices and company operations were doing better than they really were.

The lawsuit was filed in the 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. Ultimately, that case went before U.S. District Judge Thomas Griesa in Manhattan where it was decided that the case would be dismissed based on the fact ‘the plaintiffs failed to plausibly allege that BlackBerry and top officials made material misrepresentations or omissions, or intended to defraud them’.

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