NEW YORK, Oct. 11, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that class actions have been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased securities of BlackBerry Limited ("BlackBerry" or the "Company") (Nasdaq: BBRY ) between September 27, 2012 and September 20, 2013 (the "Class Period").
If you purchased BlackBerry during the Class Period, you may, no later than December 3, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you purchased BlackBerry and want more information about the BlackBerry Securities Class Action Lawsuit please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com .
The Complaints allege that BlackBerry actively misled investors about the success and financial prospects of its new BlackBerry 10 line of smart phones and claimed falsely that the line would herald in the Company's financial recovery. However, unbeknownst to investors, the introduction and poor market reception of the BlackBerry 10 line was actually further hurting the Company's business, operations and financial situation.
On September 20, 2013, BlackBerry admitted finally that it would incur massive charges due to unsold BlackBerry 10 inventory. The Company further announced it is preparing for deep staff cuts of up to 40% of its employees by year end.
Following this news, BlackBerry stock plummeted from a closing price of $10.52 per share on September 19, 2013, to a close of $8.73 per share on September 20, 2013.
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