Litigation boutique Holzer Holzer & Fistel, LLC announced on Monday that it has started an investigation into possible federal securities law infractions made by Blackberry maker Research In Motion (RIMM), BGR reports. The Atlanta, Georgia-based law firm asserts that its investigation will concentrate on whether a number of statements made between December 2010 and April 2011 by RIM have been deliberately incorrect as well as deceptive.
“The statements in question dealt with problems associated with RIM’s aging product line that were negatively impacting the company’s business,” BGR notes, citing the firm press release.
In March of this year, Holzer Holzer & Fistel, LLC launched a similar investigation into potential violations of the federal securities laws by Palm, Inc. (PALM) surrounding statements the company made prior to its acquisition by Hewlett Packard (HPQ).
RIMM lost $0.17, or less than one percent, to $43.35 at 1:45 pm E.T. in Nasdaq composite trading.
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This has got to be a joke. The only misstatements have been by US analysts and traders intent on shorting the stock. Perhaps this ’boutique’ law-firm should investigate them. So far, RIM has delivered on everything it said it would. Talk about a waste of time and money.