Research In Motion Limited (USA) (NASDAQ: RIMM) Investor Securities Class Action Lawsuit 06/15/2011

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Company Name(s): 
Research in Motion
Case Name: 
Research in Motion Shareholder Class Action Lawsuit 06/15/2011
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: RIMM
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/15/2011
Class Period Begin: 
12/16/2010
Class Period End: 
06/16/2011
Court of Filing: 
U. S. District Court for the Southern District of New York
Deadline To File for Lead: 
08/12/2011
Case Dismissed: 
06/19/2014
Summary: 

June 19, 2014 - The U.S. Court of Appeals for the Second Circuit ordered the judgment of the district court is affirmed and the case is dismissed.

April 25, 2013 - The lead plaintiff filed a notice of appeal.

March 29, 2013 - The court granted the defendants' motion to dismiss with prejudice.

June 4, 2012 - The defendants filed a motion to dismiss.

April 5, 2012 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Research In Motion Limited (NASDAQ: RIMM) common shares between December 16, 2010 and June 16, 2011. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between December 16, 2010 and June 16, 2011.

January 5, 2012 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 12, 2011 - Lead plaintiff motions were filed.

June 15, 2011 - An investor in shares of Research in Motion Limited (NASDAQ: RIMM now trading on the NASDAQ sheets as BBRY as of February 4, 2013) filed a lawsuit in the U.S. District Court for the Southern District of New York against Research in Motion Limited over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 16, 2010 and April 28, 2011.

The plaintiff alleges on behalf of purchasers of Research in Motion Limited (NASDAQ: RIMM) common stock between December 16, 2010 and April 28, 2011 that Research in Motion Limited and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose material adverse facts about its true financial condition, business and prospects.

Research in Motion Limited's 12 months Total Revenue more than tripled over the past four filing periods. Its 12 months Total Revenue increased from $6.009 billion reported on March 1, 2008 to $19.907 billion reported on February 26, 2011. Its Net Income surged within the same time frame from $1.293 billion to $3.411billion.

Shares of Research in Motion Limited (NASDAQ: RIMM) fell from as high as $144.56 per share during 2008 to as low as $36.34 per share in March 2009. However RIMM stock was able to regain value in 2009 as it reached $83.61 during September 2009. NASDAQ: RIMM stock traded as early as February 2011 as high as $69.86 but fell to recently roughly $43 per share.

On April 28, 2011 Research in Motion Limited provided an update on its financial guidance for the first quarter of fiscal 2012 ending May 28, 2011.

Research in Motion Limited said it now expects fully diluted earnings per share for Q1 to be in the range of $1.30-$1.37, lower than the range of $1.47-$1.55 previously forecasted by RIM on March 24, 2011.

Research in Motion Limited said this shortfall is primarily due to shipment volumes of BlackBerry smartphones that are now expected to be at the lower end of the range of 13.5-14.5 million forecasted in March and a shift in the expected mix of devices shipped towards handsets with lower average selling prices.

Shares of Research in Motion Limited (NASDAQ: RIMM) fell the following day from $56.59 on April 28 to $48.20 on April 29 and decreased to as low as $ 42.61 on May 16, 2011.