RIM Investor Says False Remarks Inflated Shares

Law360, New York (May 26, 2011, 10:01 PM EDT) -- BlackBerry maker Research In Motion Ltd. on Thursday was hit with a shareholder class action in New York for allegedly hiding the company's financial condition, which took a hit after product delays and a failure to put new devices on the market fast enough.

Shareholder Mary T. Stabile accused the Canadian mobile company of failing to tell investors that the company was hurting from its aging product line, delays on new devices and lackluster product launches.

Absent the disclosures, RIM's stock price was traded at artificially...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.