Woes Continue For Blackberry Ltd (NASDAQ:BBRY)

Posted by Lynn Eisler October 6, 2013 0 Comment 1230 views

Source have said that the struggling smartphone maker, BlackBerry Ltd (NASDAQ:BBRY) planning selling parts of the company or itself in entirety. The potential buyers could be Google Inc. (NASDAQ:GOOG), Cisco Inc. (NASDAQ:CSCO) and SAP.

The company has already reached a preliminary agreement with Fairfax Financial just weeks ago. Fairfax is the company’s largest stakeholder, led by Prem Watsa and had put forth a bid of $4.7 Billion to take the company private. Many had their doubts about whether this bid would reach fruition and felt that they might face some financing problems.

Other potential buyers are Intel Corp, Samsung and LG. There is still no clarity about which companies will bid and most companies are interested in BlackBerry Ltd (NASDAQ:BBRY)’s patent portfolio and secure network server. The main issue is around the actual value of the company’s assets. No comments were forthcoming from Cisco, Google, Intel or SAP.

Class Action Lawsuit

In a major development Shareholders of Blackberry Ltd (NASDAQ:BBRY) has file a class action lawsuit accusing company of misleading investors. Lawsuit represents those shareholders who bought shares of Blackberry Ltd (NASDAQ:BBRY) between 27th Sept’12 to 20th Sept’13.

Friday’s trading session

In Friday’s trading, BlackBerry Ltd (NASDAQ:BBRY) dropped by 0.52%. The opening price of the shares was $7.72, which climbed to an intraday high of $7.77 and dipped to a close of $7.69. Approximately 15.40 million shares were traded on Friday while an average volume of 18.32 million shares were traded over a 30 day period. The 52-week low of the shares is $17.46 and its 52-week high is $18.32. The company has a market capitalization of $3.96 billion.

About the company

BlackBerry Ltd (NASDAQ:BBRY) was previously called Research In Motion Limited. The company is engaged in the designing and manufacturing as well as marketing of wireless solutions for the mobile communications market across the world. It develops services and software, integrated hardware and provides solutions and platforms that provide seamless access to voice, email, access to information, short messaging service, instant messaging as well as intranet and internet-based browsing and services. BlackBerry Ltd (NASDAQ:BBRY)’s technology also allows numerous 3rd party manufacturers and developers.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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