Dominion Lending Centres Clearlease Reports Research In Motion (NasdaqGS:RIMM)(TSX:RIM) faces class action lawsuit over claims it misled investors

Dominion Lending Centres Clearlease Reports Research In Motion (NasdaqGS:RIMM)(TSX:RIM) faces class action lawsuit over claims it misled investors

VANCOUVER, BC (May 27, 2011) Dominion Lending Centres Clearlease Reports Research in Motion (NasdaqGS:RIMM)(TSX:RIM) says a class action lawsuit has been filed against the company in the United States, alleging it misled investors.

The Waterloo, Ont.,-based maker of the BlackBerry smartphone and PlayBook tablet device, said Friday that the suit claims RIM’s leadership made materially false and misleading statements about its financial condition and business prospects over a four-month period ended April 28.

RIM (TSX:RIM) said the lawsuit, filed in the U.S. District Court for the Southern District of New York, is seeking unspecified damages.

The company says it believes the allegations are without merit and that it will vigorously defend itself.

The lawsuit comes as RIM faces increased competition from Apple Inc. and others in the smartphone market.

In late April, the company cut its financial guidance for both earnings per share and revenue, saying that shipments of BlackBerry smartphones would likely be lower than initially expected.

The company also anticipates a lower average selling price for the devices.

Its PlayBook tablet debuted to little fanfare in April, and the company has been criticized for being too slow to react to the young and highly competitive tablet market where Apple has a stranglehold with its iPad device.

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About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/ is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Twitter: @clearlease


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