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RIM Class Action Suit Alleges Misleading Investors

RIM Class Action Suit Claims False Statements
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Managing Editor, The Huffington Post Canada/AOL Canada

(CP) - Research in Motion says a class action lawsuit has been filed against the company in the United States, alleging it misled some investors.

The Waterloo, Ont.,-based maker of the BlackBerry smartphone and PlayBook tablet device, says the suit claims RIM's leadership made materially false and misleading statements about its financial condition and business prospects over a four-month period ended April 28.

RIM (TSX:RIM) said the lawsuit, filed in the U.S. District Court for the Southern District of New York, is seeking unspecified damages.

The company says it believes the allegations are without merit and that it will vigorously defend itself.

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