Yesterday we reported the speculation from Detwiler Fenton that the return rate for the BlackBerry Z10 was exceeding its sales. The report caused BlackBerry’s stock to sink nearly 8%.
BlackBerry is now seeking Securities and Exchange Commission and Ontario Securities Commission review of the false claims.
“Sales of the BlackBerry(R) Z10 are meeting expectations and the data we have collected from our retail and carrier partners demonstrates that customers are satisfied with their devices,” said BlackBerry President and CEO Thorsten Heins. “Return rate statistics show that we are at or below our forecasts and right in line with the industry. To suggest otherwise is either a gross misreading of the data or a willful manipulation. Such a conclusion is absolutely without basis and BlackBerry will not leave it unchallenged.”
Detwiler Fenton has not publicly shown their methodology for their findings to either BlackBerry or shareholders.
“These materially false and misleading comments about device return rates in the United States harm BlackBerry and our shareholders, and we call upon the appropriate authorities in Canada and the United States to conduct an immediate investigation. Everyone is entitled to their opinion about the merits of the many competing products in the smartphone industry, but when false statements of material fact are deliberately purveyed for the purpose of influencing the markets a red line has been crossed,” said BlackBerry Chief Legal Officer Steve Zipperstein.