Late last week analyst firms ITG and Detwiler Fenton wrote in notes to their clients that the sales of the new handset were “weak” and “anemic”. Detwiler Fenton analyst Jeff Johnston went further to write, “We believe key retail partners have seen a significant increase in Z10 returns to the point where, in several cases, returns are now exceeding sales, a phenomenon we have never seen before.”
These reports battered Blackberry’s already frail stock, sending it down 8% during Friday trading. The Motley Fool published a post titled, “It gets worse, Blackberry investors.”
Blackberry is hitting back, and hitting back hard in an attempt to set the record straight.
“Sales of the BlackBerry Z10 are meeting expectations and the data we have collected from our retail and carrier partners demonstrates that customers are satisfied with their devices,” BlackBerry President and CEO Thorsten Heins said in a statement. “Return rate statistics show that we are at or below our forecasts and right in line with the industry. To suggest otherwise is either a gross misreading of the data or a willful manipulation.”
Blackberry has asked securities regulators in Ontario and the US Securities Exchange Commission to investigate.