With rivals eating up its market share, the smartphone maker's future now depends on a deal with its largest shareholder,
At one time, professionals carried BlackBerrys as a status symbol of corporate power and success. Then a wave of consumers jumped on the BlackBerry bandwagon, thanks to the brand's messenger application that became popular with teenagers and young adults.
Today, however, the so-called "CrackBerry" that caused users to check their smartphones incessantly is increasingly being traded for more entertaining smartphones such as the iPhone and Android-based models.
BlackBerry's five-year decline was brought to the forefront of the public eye when the company announced last month a second-quarter loss of close to
Since BlackBerry's fateful earnings report, the company's share price has tumbled 25 per cent.
This grim outlook comes just eight months after the company unveiled its new operating system and a flagship Z10 smartphone – featuring BlackBerry Hub, a touchscreen keyboard and BBM Video – aimed at rivals Apple and Samsung.
However, the write-down of unsold Z10 smartphones largely contributed to BlackBerry's losses.
To add insult to injury, a class-action lawsuit has been filed against BlackBerry by a shareholder who claims it misled investors about its future, including how the BlackBerry 10 smartphone line would perform against competitors.
BlackBerry stated last year that it was "progressing on its financial and operational commitments" and that the BlackBerry 10 platform was well received by developers.
The lawsuit aims to represent thousands of shareholders who bought BlackBerry shares between
Before the lawsuit, BlackBerry admitted to spending cash at a higher rate as it moved to sign a tentative deal that could take the company private.
Along with its earnings report last month, the BlackBerry chief executive
"We understand how some of the activities we are going through create uncertainty, but we remain a financially strong company with
Most Popular Stories
- Twitter Coming to Phones Without Internet
- Twitter Names Woman to Board
- Rand Paul Signs up for Obamacare
- Thalia Gets Star on Hollywood Walk of Fame
- How to Arm Yourself Against CryptoLocker Virus
- Obamacare Doing Just Fine, Ky. Governor Says
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise
- World Cup Draws: Coaches, Players Offer Insights
- Texas Chiller Moves East
- Hispanic Employment Improves in November