BlackBerry plans to settle shareholder lawsuit over BlackBerry 10, avoiding trial -Breaking
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© Reuters. On October 20, 2020, the Blackberry logo was displayed on an office tower in Irvine (California, USA). REUTERS/Mike BlakeNEW YORK – BlackBerry Ltd (NYSE:) plans to settle a eight-year-old lawsuit alleging it misled shareholders by overstating its BlackBerry 10 demand.
The shareholders and lawyers of BlackBerry filed Wednesday with the U.S. District Court Manhattan. They asked for the adjournment of the trial to allow them to negotiate a preliminary agreement.
The jury selection was scheduled for Thursday.
The lawyers representing the shareholders didn’t immediately reply to inquiries for comment.
The BlackBerry 10, while receiving positive reviews from critics was a success, users preferred Android-based phones and Apple Inc (NASDAQ :)’s iPhone. This led to BlackBerry discontinuing production of smartphones in 2016.
The Waterloo-based cybersecurity company was accused by shareholders of omitting BlackBerry 10’s real sales prospects during 2013. This resulted in an overpriced share price.
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