Pearlstein et al. v. BlackBerry Ltd. et al.
BlackBerry US Securities Litigation
Case No. 1:13-cv-07060-CM-KHP

Frequently Asked Questions

 

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  • To qualify for a payment, you must send in a Proof of Claim and Release Form (“Claim Form”). A Claim Form is being circulated with the Notice. You may also obtain a copy of the claim form on the Important Documents tab of this website, or file your claim online. Read the instructions carefully, fill out the Claim Form, include all the documents the form asks for, sign it, and mail it, postmarked or submitted no later than September 7, 2022.

  • The Court will hold a hearing on September 29, 2022 to decide whether to approve the Settlement. If the Court approves the Settlement, after that, there may be appeals by Class Members. Resolving appeals can take time, perhaps more than a year. It also takes time for all the Claim Forms to be processed.

  • Unless you specifically exclude yourself, you will be treated as a member of this Class Action. This means that upon the Effective Date, you will relinquish all Released Claims against the Released Defendant Parties.

    “Released Claims” means all claims (including but not limited to Unknown Claims), demands, losses, rights, liabilities, suits, debts, obligations, damages, judgments, matters, issues, and causes of action of any nature and description whatsoever, in law, equity, or otherwise, whether accrued or unaccrued, fixed or contingent, liquidated or unliquidated, direct or indirect, known or unknown, whether arising under federal, state, local, statutory, common law, foreign law, or any other law, rule, or regulation, whether class and/or individual in nature that have been or could have been asserted in the Action or could in the future be asserted in any forum, whether foreign or domestic, by Plaintiffs, any member of the Class, or their successors, assigns, executors, administrators, representatives, attorneys and agents, whether brought directly, indirectly, or derivatively against any of the Released Defendant Parties, which arise out of, are based on, or relate in any way to, directly or indirectly, any of the allegations, acts, transactions, facts, events, matters, occurrences, disclosures, statements, filings, events, representations or omissions involved, set forth, alleged or referred to in the Action, or which could have been alleged in the Action, including but not limited to the allegations, transactions, facts, matters, occurrences, disclosures, statements, filings, representations, events, or omissions that Plaintiffs or any other Class Member asserted in the Complaint, and which arise out of, are based upon, or relate in any way, directly or indirectly, to the purchase, acquisition, transfer, holding, ownership, disposition or sale of BlackBerry common stock, by any members of the Class during the Class Period, and/or any disclosures, public filings, registration statements, or other statements by BlackBerry or any Defendant based upon or arising out of any facts, matters, allegations, transactions, events, disclosures, statements, acts or omissions that were asserted or could have been asserted in this Action or in any other action or forum, whether arising under federal, state, common or foreign law.

    “Released Defendant Parties” means Defendant BlackBerry, its past, present and future direct and indirect parent entities, parent corporations, sister corporations, subsidiaries, related entities and affiliates, and, as applicable, their respective past and present general partners, limited partners, principals, shareholders, investors (however denominated), joint ventures, members, officers (including the Individual Defendants), directors, managers, managing directors, supervisors, employees, contractors, servants, consultants, auditors, accountants, financial advisors, professional advisors, investment bankers, representatives, insurers, trustees, trustors, agents, attorneys, legal representatives, professionals, predecessors, successors, assigns, assignors, legatees, devisees, estates, settlors, beneficiaries, heirs, executors, successors-in-interest, administrators, and any controlling person thereof.

    The “Effective Date” will occur when an order entered by the Court approving the Settlement becomes final and not subject to appeal.

    If you remain a Member of the Class, all of the Court’s orders will apply to you and legally bind you.

  • To exclude yourself from the Settlement, you must send a signed letter by mail stating that you “request exclusion from the Class in Pearlstein, et al. v. BlackBerry Limited, et al., Civil Action No. 1:13-cv-7060.” Your letter should state the date(s), price(s), and number of shares of all your purchases and sales of BlackBerry common stock in Covered Transactions during the Class Period. In addition, be sure to include your name, address, telephone number, and signature. You must mail your exclusion request so that it is received no later than September 7, 2022 to:

    BlackBerry U.S. Securities Litigation
    c/o JND Legal Administration
    P.O. Box 91399
    Seattle, WA
    (by regular or express mail)

    BlackBerry U.S. Securities Litigation
    c/o JND Legal Administration
    1100 2nd Avenue, Suite 300
    Seattle, WA 98101
    (by express delivery service)

     

    You cannot exclude yourself by telephone or by email. If you ask to be excluded, you will not get any Settlement payment and you cannot object to the Settlement. You will not be legally bound by anything that happens in this lawsuit, and you may be able to sue (or continue to sue) Defendant BlackBerry and the other Released Defendant Parties in the future. If you exclude yourself, do not send in a Claim Form to ask for any money.

    If you do not want a payment from this Settlement, but you want to keep any right you may have to sue or continue to sue the Defendants and the other Released Defendant Parties in some other lawsuit as to the Released Claims in this lawsuit, then you must take steps to remove yourself from this lawsuit. If you exclude yourself from the Class and decide to pursue your own action individually, you may not be able to pursue certain claims due to the expiration of certain applicable statutes of repose. You may wish to consult with your own counsel before excluding yourself or “opting out” of the Settlement. If more than a certain percentage of Class Members opt out or exclude themselves from the Settlement, Defendant BlackBerry may withdraw from and terminate the Settlement.

  • No. Unless you exclude yourself, you give up any rights to sue Defendant BlackBerry and the other Released Defendant Parties for any and all Released Claims. If you exclude yourself from the Class, you may not be able to pursue certain claims due to the expiration of certain applicable statutes of repose. Remember, the exclusion deadline is September 7, 2022.

  • No.

  • The judgment of the Court will be binding upon you if you do nothing. You will get no money from this Settlement and you will be precluded from starting a lawsuit, continuing with a lawsuit, or being part of any other lawsuit against Defendant BlackBerry and the other Released Defendant Parties about the Released Claims in this case, ever again. To share in the Net Settlement Fund, you must submit a Claim Form (see Question "How Can I Get a Payment?" above). To start, continue, or be a part of any other lawsuit against Defendant BlackBerry and the other Released Defendant Parties about the Released Claims in this case, you must exclude yourself from this Class (see Question "How Do I Exclude Myself From the Proposed Settlement?" above).

  • The Court ordered that Lead Counsel Kahn Swick & Foti, LLC (“KSF”) and Brower Piven, A Professional Corporation (“Brower Piven”) represent all Class Members. The Court also approved Beck Redden LLP (“Beck Redden”) to serve the Class as Additional Trial Counsel. Collectively, these firms are called Plaintiffs’ Counsel. You will not be separately charged for these lawyers. The Court will determine the amount of Plaintiffs’ Counsel’s fees and expenses, which will be paid from the gross Settlement Fund. If you want to be represented by your own lawyer, you may hire one at your own expense.

  • Lead Counsel will move the Court to award Plaintiffs’ Counsel’s attorneys’ fees from the gross Settlement Fund in a total amount not greater than one-third (33 1/3%) of the gross Settlement Fund. Lead Counsel also will move the Court to award Plaintiffs’ Counsel reimbursement of their expenses in an amount no greater than $4,500,000, plus interest. Lead Counsel also intends to request the Court grant awards to each of the Lead Plaintiffs, in accordance with 15 U.S.C. § 78u-4(a)(4), not to exceed $125,000 each, as reimbursement for their time and expenses in overseeing the prosecution of this Action. Lead Counsel KSF has entered into fee and work sharing agreements with Brower Piven and Beck Redden, and Lead Counsel intends to share part of any attorneys’ fees awarded by the Court with Brower Piven and Beck Redden in accordance with those firms’ efforts in this litigation that were undertaken at the specific direction of Lead Counsel. All of these amounts will be paid out of the gross Settlement Fund.

  • Lead Counsel is authorized by the Stipulation to pay the Claims Administrator’s fees and expenses incurred in connection with giving notice, administering the settlement, and distributing the settlement proceeds to the members of the Class. The Claims Administrator’s fees and expenses will be paid out of the gross Settlement Fund. The Claims Administrator was selected through a competitive bidding process and multiple bides were reviewed and considered.

  • If you are a Class Member, you can object to the Settlement or any of its terms, the proposed Plan of Allocation, and/or the application by Lead Counsel for an award of fees and expenses. You may write to the Court setting out your objection(s). You should state reasons why you think the Court should not approve any or all of the settlement terms or arrangements.

    You must object in writing by sending a signed letter stating that you object to the proposed settlement in Pearlstein, et al. v. BlackBerry Limited, et al., Civil Action No. 1:13-cv-7060 (S.D.N.Y.). Your objection must include a cover page identifying this case name and number and naming the hearing date of September 29, 2022, at 10:00AM in Courtroom 24A of the Daniel Patrick Moynihan U.S. Courthouse at 500 Pearl Street, New York, NY 10007. Be sure to include your name, address, telephone number, and signature; identify the date(s), price(s), and number of shares of all purchases and sales of BlackBerry common stock you made on the NASDAQ during the Class Period and state the reasons why you object to the Settlement. Your objection must be postmarked on or before September 7, 2022 to the Court; Kahn Swick & Foti, LLC, on behalf of the Plaintiffs; and Counsel for the Defendants at the following addresses:

    COURT:

    Clerk of the Court
    Daniel Patrick Moynihan U.S. Courthouse – Southern District of New York
    500 Pearl Street
    New York, NY 10007

    FOR CLASS REPRESENTATIVES AND LEAD PLAINTIFFS:

    Lewis S. Kahn 
    KAHN SWICK & FOTI, LLC
    1100 Poydras Street, Suite 3200
    New Orleans, LA 70163

    Lead Counsel for Lead Plaintiffs and the Class


    FOR DEFENDANTS:

    James J. Beha II
    MORRISON & FOERSTER LLP
    250 West 55th Street
    New York, NY 10019

    Counsel for Defendant BlackBerry Limited

    You do not need to go to the Settlement Hearing to have your written objection considered by the Court.

    At the Settlement Hearing, any Class Member who has not previously submitted a request for exclusion from the Class may appear and be heard, to the extent allowed by the Court, to state any objection to the settlement, the Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of expenses. Any such objector may appear in person or arrange, at that objector’s expense, for a lawyer to represent the objector at the Settlement Hearing. If you or your representative intend to appear in person but have not submitted a written objection postmarked by September 7, 2022, it is recommended that you give advance notice to Lead Counsel and/or counsel for Defendants of your intention to attend the hearing in order to object and the basis for your objection. You may contact them at the addresses provided above.

  • Objecting is simply telling the Court that you do not like something about the proposed settlement. You can object only if you remain in the Class. Excluding yourself is telling the Court that you do not want to be part of the Settlement. If you exclude yourself, you have no basis to object because the Settlement no longer affects you.

  • The Court will hold a Settlement Hearing on September 29, 2022, at 10:00 a.m. in Courtroom 24A of the Daniel Patrick Moynihan U.S. Courthouse at 500 Pearl Street, New York, NY 10007. At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. At the Settlement Hearing, the Court also will consider the proposed Plan of Allocation for the proceeds of the Settlement and the application of Lead Counsel for attorneys’ fees and reimbursement of expenses. The Court will take into consideration any written objections mailed in accordance with the instructions in the answer to Question "How Do I Object to the Settlement?". The Court also will listen to people who seek to speak at the hearing, but decisions regarding the conduct of the hearing will be made by the Court. See Question "How Do I Object to the Settlement?" for more information about speaking at the hearing. The Court will also decide how much to pay to Plaintiffs’ Counsel. After the hearing, the Court will decide whether to approve the settlement. We do not know how long these decisions will take.

    You should be aware that the Court may change the date and time of the Settlement Hearing. The Court may also order the hearing to be held remotely. Thus, if you want to come to the hearing, you should check with Lead Counsel before coming to be sure that the date and/or time has not changed

  • The notice summarizes the proposed settlement. More details are contained in a Stipulation of Settlement with Defendant BlackBerry dated June 7, 2022 (the “Stipulation”). A copy of the Stipulation, along with the other important documents, are available on the Important Documents tab of this website.

  • For more detailed information concerning the matters involved in this Action, you can inspect the pleadings, the Stipulation, the Orders entered by the Court, and the other papers filed in the Action at the Office of the Clerk, Daniel Patrick Moynihan U.S. Courthouse at 500 Pearl Street, New York, NY 10007, during regular business hours. You may also contact Lead Counsel.

  • The proposed Plan of Allocation has been prepared by Plaintiffs and Lead Counsel with the assistance of their economics consultant. Defendants dispute that any damages were suffered by any Members of the Class.

    The objective of the Plan of Allocation is to equitably distribute the Settlement proceeds to those Class Members who suffered economic losses as a result of the alleged violations of the federal securities laws as opposed to losses caused by market or industry factors or company-specific factors unrelated to the alleged violations of law. The Plan of Allocation reflects the allegations of the SAC and the advice of Plaintiffs’ damages expert, including a review of publicly available information regarding BlackBerry and statistical analysis of the price movements of BlackBerry common stock and the price performance of relevant market and peer indices during the Class Period. The Plan of Allocation, however, is not a formal damages analysis.

    The calculations made pursuant to the Plan of Allocation are not intended to be estimates of, nor indicative of, the amounts that Class Members might have been able to recover after a trial. Nor are the calculations pursuant to the Plan of Allocation intended to be estimates of the amounts that will be paid to Authorized Claimants pursuant to the Settlement. The computations under the Plan of Allocation are only a method to weigh the claims of Authorized Claimants against one another for the purposes of making pro rata allocations of the cash in the Net Settlement Fund to Authorized Claimants.

    The proposed plan of allocation is provided in the Notice, which can be obtained from the Important Documents tab on this website.

  • If you purchased common stock of BlackBerry in a Covered Transaction from March 28, 2013 to September 20, 2013, inclusive, for the beneficial interest of a person or organization other than yourself, the Court has directed that WITHIN TEN DAYS OF YOUR RECEIPT OF THIS NOTICE, you either (a) provide to the Claims Administrator the name, email address, and last known address of each person or organization for whom or which you purchased BlackBerry common stock during such time period or (b) request additional copies of the Postcard Notice, which will be provided to you free of charge, and within ten (10) days mail the Postcard Notice directly to the beneficial owners of that BlackBerry common stock. If you choose to follow alternative procedure (b), the Court has directed that upon such mailing, you send a statement to the Claims Administrator confirming that the mailing was made as directed. You are entitled to reimbursement from the Settlement Fund of your reasonable out-of-pocket expenses actually incurred in connection with the foregoing up to $0.05 for providing names, addresses, and email addresses to the Claims Administrator; up to a maximum of $0.05 per Postcard Notice mailed by you, plus postage at the rate used by the Claims Administrator; or $0.05 per notice sent by email. Those expenses will be paid upon request and submission of appropriate supporting documentation. All communications concerning the foregoing should be addressed to the Claims Administrator:

    BlackBerry U.S. Securities Litigation
    c/o JND Legal Administration
    P.O. Box 91399
    Seattle, WA
    (by regular or express mail)

    BlackBerry U.S. Securities Litigation
    c/o JND Legal Administration
    1100 2nd Avenue, Suite 300
    Seattle, WA 98101
    (by express delivery service)

     

    If you choose to mail the Notice and Claim Form yourself, you may obtain from the Claims Administrator (without cost to you) as many additional copies of these documents as you will need to complete the mailing.

For More Information

Visit this website often to get the most up-to-date information.

Mail
BlackBerry US Securities Litigation
c/o JND Legal Administration
P.O. Box 91399
Seattle, WA 98111