BlackBerry co-founder dumps 3.5 million shares after massive losses

Mike Lazaridis, the co-founder of BlackBerry, has sold 3.5 million shares over the last two days bringing his stake in the company to just about 5%. This is in response to the suffering smartphone company’s massive third-quarter loss of $4.4 billion last week. 

BlackBerry co-founder Michael Lazaridis has trimmed his stake in the troubled smartphone pioneer to just below 5 percent after selling 3.5 million shares during the past two days. The sales disclosed in a Tuesday regulatory filing came after BlackBerry Ltd. announced a third-quarter loss of $4.4 billion last week. The setback marked the latest sign of the company’s deepening distress as BlackBerry’s products fall further behind the iPhone and devices running on Android software.

Read full article

Comments