Following up on the news earlier this week that Research In Motion is under investigation for possible federal securities law violations, RIM fired off a press release this morning saying the purported class action lawsuit is without merit:
WATERLOO, ONTARIO--(Marketwire - May 27, 2011) - Research In Motion Limited ("RIM") (NASDAQ:RIMM)(TSX:RIM) today confirmed it intends to vigorously defend against a purported class action lawsuit filed against the Company and certain of its officers in the United States District Court for the Southern District of New York. The lawsuit alleges that during the period from December 16, 2010 through April 28, 2011, the Company and certain of its officers made materially false and misleading statements regarding the Company's financial condition and business prospects, and seeks unspecified damages on behalf of an alleged class of purchasers of the Company's common shares during this period. RIM believes that the allegations are without merit.
The investigative and potential class action lawsuit efforts here are being conducted by law firm Holzer Holzer & Fistel who have a history in this sort of racket (they went after Palm too prior to them being acquired by HP). Personally having listened to all the investor calls and keeping pretty close tabs on the state of BlackBerry, I think this is a bunch of BS. But I'm sure for people who took a bit hit on the stock they'll see it the other way. It'll be interesting to see how this one plays out.
In the meantime, since it's Friday and I dislike having to post on this kind of BlackBerry hateration on the blogs, check out the video above from the I Love My BlackBerry contest we ran a while back to brighten things up. This one is called Scent of a BlackBerry, which shows just how far some people will go for their beloved smartphone.
Read more
Press Release: BlackBerry 10 Launch Event to be Held January 30th, 2013!!!!!!!!!!
Launch event will take place simultaneously in multiple countries with new BlackBerry 10 platform and first two BlackBerry 10 phones officially unveiled!
RIM opens the doors to new BlackBerry Innovation Center in Indonesia
As well as working hard on BlackBery 10, RIM is has been busy in other places too. Just today, RIM opened up a Tech Center Porting Lab in the UK to help BlackBerry 10 developers and across the globe they also opened up an Innovation Center in Bandung Institute of Technology (ITB) in Indonesia. The Innovation Center is to provide a host of educational and research programs that focus...
Press Release: Research In Motion reports second quarter fiscal 2013 earnings
Research In Motion has just announced their earnings for the second quarter of fiscal 2013. You can read the press release below and can tune into the live webcast and CrackBerry live blog which will be kicking of at 5pm ET. Once the dust settles, we'll be following up with our in-depth analysis on the market's recation and what the numbers all mean to the company. In the meantime,...
Press Release: Research In Motion CEO Provides Business Update
As we saw earlier today RIM may have another inventory write down when they report their earnings later next month. This afternoon trading of RIM stock has been halted, which is a sure sign of big news as well. As noted in the release below, RIM has hired J.P. Morgan Securities and RBC Capital Markets to help with "strategic review" and "opportunities to leverage the BlackBerry...