Research In Motion Limited
ROBBINS GELLER RUDMAN & DOWD LLP FILES CLASS
ACTION SUIT AGAINST RESEARCH IN MOTION LIMITED
New York – June 13, 2011 – Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/rim/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Research In Motion Limited (“RIM” or the “Company”) (NASDAQ:RIMM) common stock between December 16, 2010 and April 28, 2011, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
On May 26, 2011, on behalf of a different client, Robbins Geller filed a similar class action against the Company. That action was voluntarily dismissed, without prejudice, on May 31, 2011.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this Class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/rim/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges RIM and certain of its officers and directors with violations of the Exchange Act. RIM is a designer, manufacturer and marketer of wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support wireless network standards, the Company provides platforms and solutions for access to time-sensitive information, including e-mail, phone, short message service, Internet and intranet-based applications. RIM’s primary revenue stream is generated by the BlackBerry wireless solution, comprised of wireless devices, software and services.
The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that: (a) the Company failed to inform investors that its aging product line and inability to introduce new products to the market was negatively impacting the Company’s business and margins; (b) due to execution issues, product delays, and lackluster product launches, defendants’ knew that shipments of Blackberry smart phones would be down and inventory would be up; and (c) as a result of the foregoing, defendants’ statements regarding the Company’s financial performance and expected earnings were false and misleading and lacked a reasonable basis when made.
On April 28, 2011, RIM issued a press release disclosing lowered first quarter 2012 guidance for the three months ended May 28, 2011. On this news, RIM’s common stock plummeted 14%, or $7.94 per share, to close at $48.65 per share on April 29, 2011, on heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of RIM common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm.
Contact: Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld