BlackBerry agrees to settle BlackBerry 10 lawsuit with $165 million payout


BlackBerry now focuses on cybersecurity, but its mobile past continues to make headlines.

Reuters reports the company has recently agreed to settle an eight-year-old lawsuit for $165 million. The case stemmed from allegations the company defrauded shareholders by embellishing the success of the BlackBerry 1o.

Payment will go towards those who purchased shares between March 28th, 2013, and September 20th, 2013.

Shareholder Marvin Pearlstein, who filed a lawsuit in 2013, said BlackBerry told stakeholders it was “progressing on its financial and operational commitments” for BlackBerry 10. In reality, that wasn’t the case.

As Reuters reports, critics approved BlackBerry 10 through positive reviews, but it never won over the public. The move means the company can avoid a planned trial in the U.S.

BlackBerry halted phone production in 2016.

Image credit: Shutterstock

Source: Reuters





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