BlackBerry investors brought the class action after the company made what they alleged were “misleading statements and omissions” about the success of its BlackBerry 10, or BB10, smartphone models between March and September, 2013. The Waterloo, Ont.
But in a document filed with the court Wednesday, BlackBerry lawyer Dan Mamalefsky of Morrison & Foerster LLP asked Justice McMahon for an adjournment “to permit the parties to negotiate and document a stipulation of settlement, and to present a motion for preliminary approval of the settlement.” The saga began with a March 28, 2013 U.S. Securities and Exchange Commission filing in which BlackBerry heralded the BB10 as “the beginning of the organization’s transition to becoming a leading mobile computing organization.” The plaintiffs alleged in a court filing that the way the phone’s revenues were described violated Generally Accepted Accounting Principles, and that the company “misled investors” due to the way it described one of its BB10 models’ sale price, inventory, and return rates.