BlackBerry Plans to Settle Shareholder Lawsuit Over BlackBerry 10, Avoiding Trial

BlackBerry plans to barter a settlement of an eight-year-old lawsuit claiming it defrauded shareholders by overstating demand for its BlackBerry 10.

In a Wednesday submitting with the US District Court docket in Manhattan, attorneys for BlackBerry and the shareholders requested the presiding decide to adjourn the trial so they might negotiate a preliminary settlement, which requires the decide’s approval.

Jury choice had been scheduled to start on Thursday. Attorneys for the shareholders didn’t instantly reply to requests for remark.

Whereas the BlackBerry 10 gained constructive critiques from critics, the general public most well-liked Android-based smartphones and Apple’s iPhone, ultimately resulting in BlackBerry’s 2016 resolution to cease making telephones.

Shareholders accused the Waterloo, Ontario-based firm, which now focuses on cybersecurity, of concealing BlackBerry 10’s true gross sales prospects in public statements throughout 2013, leading to an inflated share worth. In February this 12 months, BlackBerry mentioned it would promote its legacy patents primarily associated to cell gadgets, messaging, and wi-fi networking for $600 million (roughly Rs. 4,490 crore) to a particular objective car shaped to amass the corporate’s patent property.

BlackBerry mentioned the transaction with the car, Catapult IP Improvements, is not going to impression clients’ use of its services or products.

The transfer comes weeks after BlackBerry pulled the plug on service for its as soon as ubiquitous enterprise smartphones, which had been toted by executives, politicians, and legions of followers within the early 2000s.

© Thomson Reuters 2022

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