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BlackBerry calls broker's report of high Z10 returns "absolutely false"

John Cox | April 15, 2013
Smartphone maker BlackBerry files complaint of "false and misleading report" with regulators

"Sales of the BlackBerry(R) Z10 are meeting expectations and the data we have collected from our retail and carrier partners demonstrates that customers are satisfied with their devices," said BlackBerry President and CEO Thorsten Heins in a statement. "Return rate statistics show that we are at or below our forecasts and right in line with the industry. To suggest otherwise is either a gross misreading of the data or a willful manipulation. Such a conclusion is absolutely without basis and BlackBerry will not leave it unchallenged."

The press release indicates that BlackBerry communicated directly with Detwiler Fenton. "Detwiler Fenton refused to make either its report to investors or its methodology available to BlackBerry, even after the Company said the firm's findings were 'absolutely false,'" according to the BlackBerry statement.

In the press release, BlackBerry Chief Legal Officer Steve Zipperstein labels the statements "materially false and misleading." As such, they "harm BlackBerry and our shareholders, and we call upon the appropriate authorities in Canada and the United States to conduct an immediate investigation."

"Everyone is entitled to their opinion about the merits of the many competing products in the smartphone industry, but when false statements of material fact are deliberately purveyed for the purpose of influencing the markets a red line has been crossed," Zipperstein concluded

 

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