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RIM Claims Class Action Lawsuit “is Without Merit”

Boxing Executives

Remember that accusation we told you about by Holzer Holzer & Fistel which is suing RIM for securities violations? Well they managed to get a response out of RIM. Holzer claims that RIM’s guidance based on statements the made from Dec 16th 2010 to April 28th 2011. They claim those statements “were materially false and misleading at the time they were made.” Bold words… Well guess what RIM has to say in response:


Research In Motion Says Purported Class Action Lawsuit is Without Merit

May 27, 2011 – Research In Motion Limited ("RIM") today confirmed it intends to vigorously defend against a purported class action lawsuit filed against the Company and certain of its officers in the United States District Court for the Southern District of New York. The lawsuit alleges that during the period from December 16, 2010 through April 28, 2011, the Company and certain of its officers made materially false and misleading statements regarding the Company’s financial condition and business prospects, and seeks unspecified damages on behalf of an alleged class of purchasers of the Company’s common shares during this period. RIM believes that the allegations are without merit.

I love how RIM does not even dignify the lawsuit by naming the “company” making the claim. :) Should be interesting to see how this plays out.

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