BlackBerry accuses investment firm of “wilful manipulation”

BlackBerry has asked securities regulators in the US and Canada to investigate claims by investment firm Detwiler Fenton it describes as “false and misleading”.

Reuters reports the investment firm issued a note to investors late last week claiming an unusually large number of returns of BlackBerry Z10 smartphones in the US, a claim disputed by the Canadian smartphone giant.

“We believe key retail partners have seen a significant increase in [BlackBerry] Z10 returns to the point where, in several cases, returns are now exceeding sales, a phenomenon we have never seen before,” the note stated.

BlackBerry strongly disputes the claim, which saw the company’s share price nose-dive, pointing out that returns were in line with industry averages.

“To suggest otherwise is either a gross misreading of the data or a wilful manipulation,” BlackBerry chief executive Thorsten Heins said in a statement.

“Such a conclusion is absolutely without basis and BlackBerry will not leave it unchallenged.”