BlackBerry plans to barter a settlement of an eight-year-old lawsuit claiming it defrauded shareholders by overstating demand for its BlackBerry 10.

In a Wednesday submitting with the US District Courtroom in Manhattan, legal professionals for BlackBerry and the shareholders requested the presiding choose to adjourn the trial so they might negotiate a preliminary settlement, which requires the choose’s approval.

Jury choice had been scheduled to start on Thursday. Attorneys for the shareholders didn’t instantly reply to requests for remark.

Whereas the BlackBerry 10 received constructive opinions from critics, the general public most popular Android-based smartphones and Apple’s iPhone, finally resulting in BlackBerry’s 2016 choice to cease making telephones.

Shareholders accused the Waterloo, Ontario-based firm, which now focuses on cybersecurity, of concealing BlackBerry 10’s true gross sales prospects in public statements throughout 2013, leading to an inflated share value. In February this , BlackBerry mentioned it would sell its legacy patents primarily associated to cell units, messaging, and wi-fi networking for $600 million (roughly Rs. 4,490 crore) to a particular function car shaped to accumulate the corporate’s patent belongings.

BlackBerry mentioned the transaction with the car, Catapult IP Improvements, is not going to impression prospects’ use of its services or products.

The transfer comes weeks after BlackBerry pulled the plug on service for its as soon as ubiquitous enterprise smartphones, which have been toted by executives, politicians, and legions of followers within the early 2000s.

© Thomson Reuters 2022

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