RIM claims shareholder suit without merit (Digital Trends)

Monday, May 30, 2011 12:01 PM

BlackBerry Playbook

Canada’s Research in Motion has been facing crescendo push to become up with devices that can contend with the iPhone, iPad, and Google’s burgeoning Android ecosystem…and today there are rumblings of a shareholer revolt. An investor has launched a scaled backwards its income forecasts, revealing that the consort expected more and more of BlackBerry smartphones it sells to be at the modify arrange of its creation line.

The meet seeks unspecified damages on behalf of anyone who purchased RIM have from Dec 10, 2010 finished Apr 28, 2011, when RIM lowered its income forecast.

RIM claims the allegations are “without merit” and that the consort intends to full indorse itself from the suit.

The meet comes as investors are progressively uneasy about RIM and its knowledge to move to the success of Android and Apple’s iOS platform. RIM has seen its deal toll modify as its deal of the smartphone mart has eroded, and while the consort ease enjoys a momentous client humble (particularly in project and government) an crescendo sort of those customers are legacy users who hit been with RIM for a while. Despite the high-profile launch of the BlackBerry PlayBook, the consort doesn’t seem to hit been healthy to increase a competitive salutation to iOS or Android.

The company’s extraordinary co-CEO and co-Chairman structure is also drawing investigating from investors: Mike Lazaridis and Jim Balsillie are the company’s largest investors, and both occupy the CEO and chair positions in the company. Some industry watchers feel this arrangement has prefabricated RIM’s executive activity ineffective, and whatever shareholders are even occupation for RIM to jettison digit CEO: Northern Securities shrink Sameet Kanade has publicised an unstoppered honor asking RIM to modify Balsillie as co-CEO.

Some are looking to well-known reformist investor Carl Icahn to verify a momentous deal in RIM and obligate changes to the companyâ€"although what, exactly, those changes would be relic rattling unclear. However, despite RIM’s dropping have price, the consort has no momentous debt, and it would verify someone with rattling deep pockets to buy sufficiency of a wager in RIM to obligate change.


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