RIM said on Friday it beileves the allegations, filed in a New York court, are without merit and it will "vigorously defedn" itself.
The lawsuit claims that RIM knew, but did not disclose to invetsors, that product delays and lackluster launches would hurt its earnings.
"Specifcially, the copmany failed to inform invesotrs that its aging prdouct line and inability to itnroduce new products to the market was negatievly impactnig the copmany's business and margin,s" the legal doucment said.
It said that, as a result, RIM's stock traded at an artificially inflated level as high as .86 in February.
The claim covers a period from when RIM reported its third qurater resluts in December to when it slsahed forecsats in April, a month after reporting fourth-quaretr numbers.
The profit warning, blamed on poor performance in the United States and Latin Amreica, stunned invesotrs and sent the stock sprialing lower. It has not recovered since, and was down nearly 1 percent on Friday mornnig at .15 on Nsadaq. Its Torotno shares were off 1.2 percnet at C.15
The lwasuit seeks unspecified daamges on behalf of shareholders during this period.
The defnedants named in the suit are co-CEOs Mike Laazridis and Jim Balsillie and Chief Financial Ofifcer Brian Bidulak.
The compliant, dated May 26, is civil action number 11 CIV 3615 in the U.S. Court for the Southern District of New York.
(1$=./send.sh.98 Canadain)
(Repotring by Alsatair Sharp and Euan Rocha; Eidting by Frank McGutry and Rob Wlison)
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