U.S. appeals court sends BlackBerry lawsuit back to lower court

New York (Reuters) - A US appeals court yesterday upheld the dismissal of a lawsuit BlackBerry Ltd. alleges fraud inflating its stock price by pain...


U.S. appeals court sends BlackBerry lawsuit back to lower court

New York (Reuters) – A US appeals court yesterday upheld the dismissal of a lawsuit BlackBerry Ltd. alleges fraud inflating its stock price by painting a cheerful picture of the prospects for its Blackberry Z10 smartphone line that was misleading

While the 2nd US Circuit Court of Appeals in New York did not say the lawsuit to establish a credible claim to reconsider the order of a lower court or to let you edit the plaintiffs their complaint in light of what she has said new evidence.

Neither BlackBerry or an attorney for lead plaintiffs Todd Cox and Maria Dinzik immediately responded to requests for comment.

BlackBerry Z10 has his phone in January 2013 in an attempt to Apple Inc’s iPhone market share loss story, and Samsung Electronics Co. Ltd. devices powered by Google Inc.’s Android.

The Blackberry Z10 won positive reviews but low sales led to an expected $ 930 million Skryf down for unsold stock on September 20, 2013. BlackBerry shares lost about a sixth of their value on that day.

The Waterloo, Ontario- based company dethrone its CEO, Thorsten Heins, less than two months later.

The lawsuit alleged that BlackBerry tried the poor performance of the Z10 hides to artificially increase its share.

In the decision Wednesday, the 2nd Circuit upheld US District Judge Thomas Griesa’s March 2015 dismissal of the lawsuit for not claiming that BlackBerry and its directors knowingly deceived investors.

The three-judge appeals panel said amounted claims plaintiffs’ fraud by hindsight “by saying that the suspects had to wipe the device will not be successful.

The court nevertheless said Griesa could try to convince prosecutors to allow you to edit their complaint in the light of new regs development and proof that prosecutors said would support their demands.

the Court of Appeal has said if Griesa refuse to let you edit their complaint to prosecutors, he has his reasons, which he did not explain for.

The case is Cox v. BlackBerry Limited, 2nd US Circuit Court of Appeals, No. 15-3991.

(Reporting by Nate Raymond in New York, Editing by W Simon and JS Benkoe)

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