Under the agreement, which requires a judge’s approval, the payment will be made to settle claims brought on behalf of those who bought BlackBerry’s shares between March 28, 2013, and Sept. 20, 2013
said on Thursday it had agreed to pay $165-million to settle a more than eight-year-old class action lawsuit brought against it for allegedly defrauding shareholders by exaggerating BlackBerry 10 smartphone’s success and profitability.
Reuters reported on Wednesday that the company was planning to settle the lawsuit to avoid trial in the United States. Shareholders accused the company of concealing BlackBerry 10′s true sales prospects in public statements during 2013, resulting in an inflated share price. While the BlackBerry 10 won positive reviews from critics, it never caught on with the public, which preferred Android-based smartphones and Apple Inc’s iPhones, which led to BlackBerry’s decision to stop making phones in 2016.
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