Georgia-based law firm Holzer Holzer & Fistel on Monday said it was launching an investigating into RIM.
[ad#Google Adsense 300x250 in story]According to the law firm, the investigating is focusing on statements made by the company between December 16, 2010 and April 28, 2011. The investigation will try to determine if the statements “were materially false and misleading at the time they were made.”
Specifically, the law firm is looking into if RIM “knew but failed to adequately disclose that it was experiencing problems associated with an aging product line which were negatively impacting RIM’s business and margins.”
On April 28, 2011, RIM issued a warning to Wall Street that it would not meet its fiscal first quarter guidance. RIM said the cause for the projected shortfall in Q1 is because of lower shipments of BlackBerrys. The company said shipments are now expected in the lower end of the 13.5 million to 14.5 million forecasted in March.