BlackBerry Ltd. shareholders enjoyed some rare good tidings on Thursday, when the company posted a surprise profit after previous quarters of punishing losses. But the news wasn’t so good for investors-turned-plaintiffs suing BlackBerry in a proposed securities class action that met its demise the same day.
The U.S. Court of Appeals for the Second Circuit tossed the case in a brief order, affirming a district court’s ruling that the plaintiffs failed to establish that BlackBerry or its executives made material misstatements or intended to deceive investors. The ruling is a win for Scott Musoff and Jay Kasner of Skadden, Arps, Slate Meagher & Flom, who have defended BlackBerry since the case was first filed in 2011.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
