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KSF Achieves 4th Largest Securities Class Action Settlement in 2022

After 9 years from the initially filed complaint in October 2013 – and just one day prior to jury selection for the scheduled trial – BlackBerry agreed to resolve its U.S.-based shareholder class action with a $165 million payout. The case stems from a six-month period in 2013 where BlackBerry is alleged to have misled investors by inflating the success and viability of its BlackBerry 10 line of smartphones. In truth –per the investor complaint – the platform was poorly received by the market and caused the company to write-down nearly $1 billion in charges related to unsold devices and lay off approximately 4,500 employees, totaling about 40% of its total workforce. U.S. District Judge Colleen McMahon had previously denied BlackBerry’s request to dismiss the action at summary judgment, stating “genuine issues of material fact” were evident. Shareholders were represented by Kahn Swick & Foti, as lead counsel.

Source: https://insights.issgovernance.com/posts/the-largest-class-action-settlements-of-2022/