Blackberry Z10 Sales: In the world of Research In Motion Ltd (NASDAQ:BBRY), there has been a lot of drama over the past couple of days. Unfortunately, the company appears to be bogged down with issues that have nothing to do with its attempt to regain a larger piece of the smartphone market.
To get you up to speed, here are a few pieces you should read:
Research In Motion: This Is Why Bears Are Pushing Shares Lower
Research In Motion: Here’s Why Shares Are Falling Today…It’s Not Pretty
Research In Motion: A Battle Is Shaping Up…Whose Side Are You On?
After reading these articles, you will understand what is going on. In short, investment firm Detwiler Fenton is claiming that returns of the Research In Motion Ltd (NASDAQ:BBRY) BlackBerry Z10 are exceeding sales in some cases.
If true, this is a huge blow to Research In Motion/BlackBerry and its potential for getting back on the right track.
Of course, Research In Motion Ltd (NASDAQ:BBRY) has come out and said that this report is nothing more than a lie. In fact, the company went as far to release an official press release which can be read in its entirety here.
Here is a brief excerpt, explaining the company’s stance and what it plans on doing next:
“BlackBerry® (NASDAQ:BBRY; TSX:BB), a world leader in mobile communications, today said it would seek Securities and Exchange Commission and Ontario Securities Commission review of a false and misleading report about retail return rates for the Company’s new BlackBerry Z10 smartphone.”
Before we go any further, the involvement of the Securities and Exchange Commission and Ontario Securities Commission goes to show you how serious BlackBerry is about finding out what is going on.
The release from Research In Motion went on to add:
“BlackBerry and Verizon Wireless, the largest U.S. carrier, on Thursday refuted claims from research and investment firm Detwiler Fenton that BlackBerry Z10 devices were being returned in unusually high numbers. Detwiler Fenton refused to make either its report to investors or its methodology available to BlackBerry, even after the Company said the firm’s findings were “absolutely false.”
What do you think now? Do you believe that Detwiler Fenton leaked some bad information? Or do you feel that Research In Motion Ltd (NASDAQ:BBRY) is trying to cover its own behind because sales of its Z10 smartphone are so poor?
Here’s what our friends at CNBC had to say about BBRY’s investment potential versus Apple: