NEW YORK - A U.S. appeals court on Wednesday upheld the dismissal of a lawsuit accusing BlackBerry Ltd of fraudulently inflating its stock price by painting an upbeat picture of the prospects for its BlackBerry Z10 smartphone line that was misleading.
For the past few years BlackBerry has been in the midst of a fairly long and painful turnaround plan. The company is well renowned for starting the smartphone revolution with the iconic devices and small keyboards.
BlackBerry Ltd. (TSX:BB)(NASDAQ:BBRY) has come a long way in the past few years. It went from being the leader of the smartphone market and tech darling of Canada to the point of near collapse and billion-dollar losses.
Apple, Inc. (NSDQ:AAPL), currently the world's largest company, is an innovation machine. This past decade has witnessed the rise of a true consumer goods juggernaut, and the subsequent decline of once-famous competitors such as BlackBerry Ltd.
BlackBerry Ltd. Chief Executive Officer John Chen has presided over five new phones during his two and a half years running the company, none of which have managed to turn around steadily declining smartphone sales.
Blackberry Ltd. (NASDAQ:BBRY) (TSE:BB) recently reported another gut-wrenching quarter, but light at the end of the tunnel comes with an apparent willingness to let the iconic handset be a casualty, if company financials are any indication.