RIM being investigated for possible securities law violations

By on May 23, 2011 at 1:21 PM
Business May 23, 2011

Atlanta, Georgia based law firm Holzer Holzer & Fistel, LLC announced on Monday that it has launched an investigation into possible federal securities law violations made by cell phone maker Research In Motion. The firm claims that its investigation will focus on whether a series of statements made between December 2010 and April 2011 were intentionally false and misleading. The statements in question dealt with problems associated with RIM’s aging product line that were negatively impacting the company’s business, the firm said in a press release. In March of this year, Holzer Holzer & Fistel, LLC launched a similar investigation into Palm surrounding statements the company made before it was acquired by HP.

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  • Anonymous

    This is non-news – there are thousands of ambulance-chasing law firms that make their living pursuing companies when the stock performance suffers.
     

    • sf18443

      Agreed. Same kind of people that advertise “Turn your wreck into a check today!”

  • Anonymous

    Wow. I’ve said this before, but there are a lot of lawyers out there who need to be disbarred.

  • Anonymous

    Wow. I’ve said this before, but there are a lot of lawyers out there who need to be disbarred.

    • Helmholtz

       Could you expand on what ethical violations you are accusing the attorneys at Holzer of violating? 

      • Anonymous

        Could you expand on where I said anything about ethical violations?

        They should be disbarred because they’re worthless and wasting someone’s money. I’m not saying there are provisions to disbar them for garbage like this, maybe that there should be. 

      • Helmholtz

        Disbarment is typically a penalty for ethical transgressions, so I assumed when you said they should be disbarred, you were asserting some sort of violation. 

        I also disagree that this behavior should be grounds for disbarment. While plaintiffs firms get a bad rap generally, a lot of them accomplish the regulatory work that overworked SEC is something unable to accomplish. You would prefer shareholders not be able to assert their rights?

        Notice that no court filings have been made, according to the “article.” It’s merely a preliminary investigation. If they file a lawsuit, and the lawsuit is baseless, then there are remedies in the FRCP available to RIM to punish an otherwise frivolous lawsuit. If it’s not frivolous, then RIM will have to answer to its shareholders.

        I don’t see the problem here.  

  • Anonymous

    “cell phone maker”

    Real cute BGR

  • sf18443

    From this firm’s website: “HOLZER HOLZER & FISTEL LLC is a complex litigation boutique that represents investors victimized by securities fraud and other corporate corruption.”

    They don’t list RIM under their current “Investigations,” but they do list Palm.

  • DeloreanCowboy

    Wow. Totally non news and another example of BGR’s RIM bashing. BGR I hope you get a heafty check from Steve Jobs for all of this “reporting”.

    • http://twitter.com/docrobert151 bob turner

       Yeah Steve Jobs pays BGR to report that some law firm is investigating RIM. That’s money well paid.

      If they were going to pay BGR to bash RIM, dont you think they would do it by writing about RIM’s actual products?

    • Anonymous

      I don’t see BGR as a basher of RIM at all.  I find the readers of BGR far more biased against RIM then BGR is.

      • Anonymous

        It’s very subtle, but BGR sets it’s readers up.  Every article has a negative tone towards RIM and a ridiculously positive tone towards Apple.  NEVER FAIL! 

      • Anonymous

        Maybe Apple makes more positive products than RIM.. Thats the word on the street at least I wouldn’t buy anything from either one..

  • NtMAn

    Mr. Geller – under investigation would mean the SEC is looking into it – the law firm is not investigating, it is looking for a class action suit of disgruntled investors. Please adjust the title to be accurate.

    • Helmholtz

      Good point. I just made a similar argument above, and only saw this after I posted it. 

      The wording of the headline is patently misleading.

      • Uninvited Guest

        BG isn’t studpid. He knows what he’s doing. Fan the flame, incite the mass, however way you want to put it. Like someone pointed out above, BG “may” write a positive blog about RIM but somehow never fails to put a “but” statement to turn it negative. I swear, BG use to be a huge RIM booster, until iPhone came along. Then or now, just proves that BG is very very impartial.

      • http://pulse.yahoo.com/_47XHGLZVO6IUYLMWVUYFVN5LQU Dr No

         You RIMjobbers want some cheese to go with your whine?

  • Bobdonhim

    RIM….SUE BGR ALREADY….BGR is a bunch of retards and it starts with Jonathan “I love blowing Steve Jobs” Geller.

    • http://twitter.com/homescrub homescrub

       Free RIM Jobs for everyone!

  • Helmholtz

     As an aside, I think the headline is misleading. An “investigation” suggests some governmental entity is looking into securities law violations. 

    In fact, this is just a plaintiffs firm researching possible litigation – something not entirely uncommon. The headline could, and should, be worded more precisely.

  • Anonymous

    I’m launching a full investigation into the retarded articles and bullshit “breaksclusives” BGR tries to pass as newsworthy in order to drive traffic. When did BGR get bought out by AOL, cause this shit is worse than Engadget. Get back to what you actually did well, which is not this garbage piece of reporting.

  • http://twitter.com/n8d n8d

    Couldn’t wait until Tuesday to start the RIM bashing, eh? 

    Can’t wait till we read on EngadgetMobile that BGR is being investigated for publicly making false and misguiding rumors in attempts to manipulate stock prices. 

  • Martin

     really, you tagged it “lies”?

  • Belbarid

    Old and Busted: Patent Trolling.
    New Hotness: Securities “Fraud” trolling

  • Anonymous

    Someone from bgr must be shortselling RIM. Two negative news within 7days?

    • Yup

      If there was any positive news, I’m sure they’d cover it. Is there any? Happy hunting, troll. 

      • Helmholtz

         The problem with this story is it isn’t “news.” It’s more like a press release from a law firm.

      • http://www.facebook.com/profile.php?id=1001483324 Gerry Quaglia

        Sure there is.  RIM is releasing a few new rehashed torch, curve and bold using the same OS they have been using since 2007.  Oh yeah, the Playbook is a flop and QNX handhelds won’t be out until late 2012.

      • Anonymous

         late 2013

  • Bartlett

     BGR you have hit a new low, that’s it I am never coming to your web site again. You will publish anything. You have ceased to be balanced in your reporting

    • http://www.facebook.com/profile.php?id=1001483324 Gerry Quaglia

      The turdberry fan boy’s feelings are hurt 

  • Anonymous

    I’ve always said RIM was too “old school” for their own good.  I guess this proves it. 

  • http://www.facebook.com/profile.php?id=1001483324 Gerry Quaglia

     You sure got all the RIMtards up in arms over this.  I’m half tempted to post this over at BB Forums and watch all the Turdberry fans there froth over it.

    • That Guy.

      Listen, you’re dumbing this conversation way down to an iPhone vs Android level. Your grade 3 commentary isn’t needed here. Let the adults talk while you play with your fart apps.

      • Anonymous

         I was right there with you until your last sentence – which effectively made you no better than him, more-or-less doing the same thing albeit with fewer words.

    • Anonymous

      You like your android/iphone/symbian system, that’s cool.  I like them
      too.  I happen to like RIM’s systems better for various reasons.  Guess
      what? At the end of the day, it doesn’t matter.  We each go on, able to
      do the things we want to do on our devices.   Obviously we’re all going
      to use the device we like;and more or less not worry about the ones that
      we don’t. 

      Except, of course, the folks like you.  Those people who find it necessary to insult
      the users of the devices that they dislike.  Name calling as if we’re all children (maybe some are?).  It’s almost as if those
      other devices have done something personal to harm you. It’s clear that your not going to change anybody’s mind with these
      posts, so why bother?

      Ultimately, you just make yourself look bad; and when the other folks who agree with you “like” your posts via Disqus, they make themselves look bad as well.  Perhaps this is the kind of thing you want turning up when potential employers search for your name, or (if this isn’t your actual name) do a bit of digging to find out which personas are associated with your real name.   Perhaps, but I think that unlikely.

      I’m fairly certain that this won’t change your behavior – it makes you feel better to insult others, so I’m sure you’ll continue doing it.  But were I you, I’d take a closer look at what I was hiding from myself by doing it.

  • http://twitter.com/AKIIRASAN Anthony A

    this litigation will take forever. same with american apparel only they actually are more likely to have violated the laws than RIM. I dont see the big deal with RIM. im trying to recall if they made any statements that were misleading. and their earnings growth is still positive. they should be looking into whoever is manipulating the Apple stock and see if there is any correlation to RIMs stock performance. the P/E ratio definitely doesnt add up for RIM they should be trading atleast at 12 times Earnings they are only trading around 6. but i dont think it has anything to do with RIM. Mostly just the traders that see where they can make money and take advantage of it. cant blame them. but im curious to see if this firm can find anything about RIMs “misleading statements” and if there will be any other firms jumping in on it as well.

  • Anonymous

    Thanks for not linking to a source at all.

  • Anonymous

    lol, I am sure they will pay off all the right people to make it go away, its the American way lol.

    http://www.privacy-online.us.tc

  • http://twitter.com/Ignacio_Ramon J Ignacio Ramón ⌨ ã‹¡

    UPS SEGUIREMOS LA NOTICIA MUY DE CERCA LOS FANS DE BB

  • Anonymous

    Headlines constructed to encourage negativity toward RIM? How unusual. Why could that be I wonder?

    This “investigation” for what it’s worth is pointless. Because regardless of public statements from RIM, analysts have almost universally demonstrated negativity in published guidance and blogs. If 95% of all public commentary on RIM has been negative, it’s hard to see what justification Holzer Holzer & Fistel have for an investigation into commentary they consider misleading. It obviously wasn’t misleading 95% of analysts.

    Therefore, it’s a fairly safe bet that the law firm has some ulterior motive for announcing such an investigation.

    Just for once it would be great to read a story where instead of printing any old verbal shit bloggers actually “investigate” why someone says or does something. (In this case Holzer Holzer & Fistel, LLC). 

    Rather than lazy journalism how about finding the real reason for their actions. That way you’d be educating us instead of being part of the deception.

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