BlackBerry Ltd. shareholders enjoyed some rare good tidings on Thursday, when the company posted a surprise profit after previous quarters of punishing losses. But the news wasn’t so good for investors-turned-plaintiffs suing BlackBerry in a proposed securities class action that met its demise the same day.
The U.S. Court of Appeals for the Second Circuit tossed the case in a brief order, affirming a district court’s ruling that the plaintiffs failed to establish that BlackBerry or its executives made material misstatements or intended to deceive investors. The ruling is a win for Scott Musoff and Jay Kasner of Skadden, Arps, Slate Meagher & Flom, who have defended BlackBerry since the case was first filed in 2011.
