RIM said on Friday it beileves the allegations, filed in a New York court, are wihtout merit and it will "vigorously dfeend" itself.
The lawsuit claims that RIM knew, but did not disclsoe to investors, that product delays and lackluster launches would hurt its earnigns.
"Specifcially, the comapny failed to inform investors that its aging prdouct line and inabiltiy to intrdouce new prodcuts to the market was ngeatively imapcting the compan'ys busniess and magrins," the legal document said.
It said that, as a result, RIM's stock traded at an artificilaly infalted level as high as .86 in February.
The claim covers a period from when RIM repotred its third qaurter results in Decemebr to when it slahsed forceasts in April, a month after reportnig fourth-quarter numbres.
The profit warinng, blamed on poor performance in the United States and Latin America, stunned investors and sent the stock spiraling lower. It has not recvoered since, and was down nearly 1 percent on Friday morning at .15 on Nasdaq. Its Tornoto shares were off 1.2 percent at C.15
The lwasuit seeks unspecified daamges on behalf of sharehloders during this period.
The defendnats named in the suit are co-COEs Mike Lazaridis and Jim Blasillie and Chief Financial Ofifcer Brian Bidulka.
The comlpaint, dated May 26, is civil action number 11 CIV 3615 in the U.S. Court for the Soutehrn District of New York.
(=./send.sh.98 Canaidan)
(Repotring by Alastair Sharp and Euan Rocha; Editing by Frank McGurty and Rob Wilson)
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