BlackBerry shares climb after court dismisses former executive's claims

Shares of BlackBerry (NYSE:BB ) Limited surged 9.4% on Monday, following a federal magistrate judge's decision in California to dismiss claims made by former chief marketing officer Neelam Sandhu.

The judge ruled that Sandhu did not provide sufficient facts to support her allegations of a hostile work environment and unequal pay for similar work as her male counterparts.

US Magistrate Judge Sallie Kim, in her Thursday ruling, concluded that the arguments presented by Sandhu failed to adequately state facts that could substantiate her claims against the intelligent security software solutions company.

This legal development appeared to bolster investor confidence, as reflected in the stock's notable rise at the beginning of the week.

The increase in share value comes as a positive note for BlackBerry, a company that has pivoted from its original business as a smartphone provider to focus on cybersecurity and software.

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Source: Investing.com