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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Pilot role in focus in Air France crash 11:42am EDT Consumer spending tepid as inflation accelerates 11:09am EDT Hedge fund star calls for Microsoft's Ballmer to go 25 May 2011 Wall Street gains on commodities but home sales off 10:32am EDT EBay and PayPal sue Google over trade secrets 26 May 2011 Discussed 129 As hours tick by, ”Judgment Day” looks a dud 105 Broadcaster silent as Judgment Day hours tick by 94 Obama departs for Europe trip, explores Irish roots Watched Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 Hundreds missing after tornado 2:40am EDT Deadly Missouri tornado captured on video Mon, May 23 2011 U.S. lawsuit claims RIM misled investors Tweet Share this TORONTO (Reuters) - Lawyers for shareholders of Research In Motion have filed a class action lawsuit against the BlackBerry maker, claiming its executives misled investors about its prospects in recent months. RIM said on Friday it believes the... Email Print Related News Oil lawsuit may be U.S. "revenge" for BP spill: magnate Thu, May 26 2011 New York village moves to block GM project Thu, May 26 2011 UPDATE 2-Minnesota sues US debt collector for robo-signing Thu, May 19 2011 Strauss-Kahn case raises issue of abuse by diplomats in U.S. Thu, May 19 2011 Baidu, China sued in U.S. for Internet censorship Thu, May 19 2011 Analysis & Opinion Wall Street drives a truck through mile-wide hole in the rules Steve Cohen runs away from his Fairfax co-defendants Related Topics Technology » Personal Finance » A person poses while using a Blackberry Bold 2 smartphone made by Research in Motion (RIM), July 13, 2010. Credit: Reuters/Mark Blinch TORONTO | Fri May 27, 2011 10:58am EDT TORONTO (Reuters) - Lawyers for shareholders of Research In Motion have filed a class action lawsuit against the BlackBerry maker, claiming its executives misled investors about its prospects in recent months. RIM said on Friday it believes the allegations, filed in a New York court, are without merit and it will "vigorously defend" itself. The lawsuit claims that RIM knew, but did not disclose to investors, that product delays and lackluster launches would hurt its earnings. "Specifically, the company failed to inform investors that its aging product line and inability to introduce new products to the market was negatively impacting the company's business and margins," the legal document said. It said that, as a result, RIM's stock traded at an artificially inflated level as high as $69.86 in February. The claim covers a period from when RIM reported its third quarter results in December to when it slashed forecasts in April, a month after reporting fourth-quarter numbers. The profit warning, blamed on poor performance in the United States and Latin America, stunned investors and sent the stock spiraling lower. It has not recovered since, and was down nearly 1 percent on Friday morning at $43.15 on Nasdaq. Its Toronto shares were off 1.2 percent at C$42.15 The lawsuit seeks unspecified damages on behalf of shareholders during this period. The defendants named in the suit are co-CEOs Mike Lazaridis and Jim Balsillie and Chief Financial Officer Brian Bidulka. The complaint, dated May 26, is civil action number 11 CIV 3615 in the U.S. Court for the Southern District of New York. ($1=$0.98 Canadian) (Reporting by Alastair Sharp and Euan Rocha; Editing by Frank McGurty and Rob Wilson) Technology Personal Finance Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. 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