| Company: | Research In Motion Limited |
| Ticker Symbol: | RIMM |
| Class Period: | Dec-16-10 to Jun-16-11 |
| Date Filed: | Aug-8-11 |
| Lead Plaintiff Deadline: | Oct-7-11 |
| Court: | Southern District of New York |
| Allegations: | |
RIM and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants, failed to inform investors that: (1) its aging product line and inability to introduce new products to the market was negatively impacting the Company's business and margins; (2) the Company was unable to introduce new products in a timely manner, which hurt the Company's ability to maintain its market share in the smartphone market; (3) the Company's resources had become limited as it attempted to develop new products; (4) the Company experienced lower-than-expected Blackberry smartphone sales and shipments in the United States and Latin America; and (5) the Company relied on sales of older-model smartphones at lower retail price points than their newer, but delayed, products.
On March 24, 2011, the Company announced disappointing guidance and financial results from the fourth quarter and fiscal year 2011, causing RIM common stock to drop 11.2% on March 25, 2011. On June 16, 2011, the Company announced its financial result for the first quarter of fiscal 2012, ended May 28, 2011. For the quarter the Company disappointed analysts and investors, reporting earnings of $1.33 per share, down $0.05 from the first quarter of fiscal 2011. The Company also revised its expectations for full year per share earnings. On that news, RIM's common stock plummeted even further to close on June 17, 2011 at $27.75, off 21.5% or $7.58 from the prior day's close of $35.33.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
