Approval by the court, notice to the putative class, and the satisfaction of customary conditions to effectiveness may take several months. The Company anticipates that, upon final approval of the settlement, the litigation will be dismissed with prejudice.
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The Company anticipates that the stipulation of settlement will provide a full release of all claims against all defendants, including the Company and its officers, and will expressly deny any liability, wrongdoing or responsibility by any of the defendants. The parties have agreed to negotiate in good faith to execute a definitive stipulation of settlement and related documents to be filed with the court.
The agreement in principle contemplates an aggregate cash payment by the Company of $165 million to settle the claims brought on behalf of all persons who purchased or otherwise acquired BlackBerry shares on the NASDAQ between Maand September 20, 2013. The court has granted the parties’ jointly request to adjourn further proceedings in the matter pending approval of the final settlement. The agreement in principle was reached following a voluntary mediation process resulting in the parties’ acceptance of the mediator’s recommendation for settlement. The consolidated class action complaint was filed in October 2013, as described in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2022. District Court for the Southern District of New York. 7060 (CM) (KHP) pending against the Company and certain of its former officers in the U.S. WATERLOO, ONTARIO – Ap– BlackBerry Limited (NYSE: BB TSX: BB) announced today that it has reached an agreement in principle to settle the consolidated securities class action lawsuit captioned Pearlstein v.
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