BlackBerry Seeks U.S., Canadian Review of False Reports on Return Rates
WATERLOO, ONTARIO -- (Marketwired) -- 04/12/13 -- BlackBerry(R)
(NASDAQ:BBRY)(TSX:BB), a world leader in mobile communications, today
said it would seek Securities and Exchange Commission and Ontario
Securities Commission review of a false and misleading report about
retail return rates for the Company's new BlackBerry Z10 smartphone.
"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. "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."
BlackBerry and Verizon Wireless, the largest U.S. carrier, on
Thursday refuted claims from research and investment firm Detwiler
Fenton that BlackBerry Z10 devices were being returned in unusually
high numbers. 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."
BlackBerry Chief Legal Officer Steve Zipperstein said: "These
materially false and misleading comments about device return rates in
the United States 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 said BlackBerry would present its formal request to U.S.
and Canadian regulators in the next several days.
A global leader in wireless innovation, BlackBerry(R) revolutionized
the mobile industry when it was introduced in 1999. Today, BlackBerry
aims to inspire the success of our millions of customers around the
world by continuously pushing the boundaries of mobile experiences.
Founded in 1984 and based in Waterloo, Ontario, BlackBerry operates
offices in North America, Europe, Asia Pacific and Latin America.
BlackBerry is currently listed on the NASDAQ Stock Market
(NASDAQ:BBRY) and the Toronto Stock Exchange (TSX:BB). For more
information, visit www.blackberry.com.
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