BlackBerry Ltd. suggests it has attained a deal to settle a drawn-out class action lawsuit alleging the organization defrauded shareholders by producing deceptive statements about its BlackBerry 10 smartphones.
Beneath the settlement in principle, the Waterloo, Ont., software enterprise states it would spend $165 million to settle the promises outlined in the 8-12 months-outdated lawsuit.
BlackBerry states it believes the allegations in the scenario are with out advantage but says the settlement would remove the distraction, expenditure and hazard of continued litigation.
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The class motion lawsuit, Pearlstein v. Blackberry Ltd. et al., was submitted in a U.S. court in 2013.
It alleged that the business built a collection of materially false and misleading statements and omissions concerning its now discontinued BlackBerry 10 smartphones that inflated the price of BlackBerry’s inventory.
The corporation, which now focuses on safety computer software and products and services to enterprises and governments, claims the settlement was achieved subsequent a voluntary mediation system.
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