BlackBerry’s woes continue as it faces a shareholder lawsuit

BlackBerry hasn’t had the best couple of months and things are seemingly getting worse for the Canadian company. Marvin Pearlstein, a BlackBerry investor, has reportedly filed a lawsuit against the company accusing it of making false statements and optimistic claims about its future and the future of their BlackBerry 10 products, The Guardian reports.

According to the complaint, last year the company had made bold statements to its investors saying that the company was “progressing on its financial and operational commitments,” and that the developer reactions about the BB10 platform were positive. In reality though, BlackBerry 10 products, especially the Z10 has failed in the market and the company had to take an inventory charge of $934 million. All this has led to the company laying off nearly 40 percent of its workforce and on the verge of a buyout by Fairfax Financial.

Though the suit has been filed by Pearlstein, he is said to be planning to make it a class-action lawsuit representing thousands of shareholders who purchased BlackBerry stock from September 27 2012 to September 20 2013.

The company has so far declined to comment on the matter and the only word out of the Canadian company is that they are, “reviewing the matter.”


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