The US judge on Monday rejected BlackBerry's request to dismiss the claim, claiming that it had inflated its share price and cheated shareholders by misrepresenting the prospect of selling their BlackBerry 10 smartphones.
While the earlier version of the case was rejected in March 2015, Chief Justice Colleen McMahon of the US District Court in Manhattan said the proposed class action could continue.
She said that new information about BlackBerry's alleged behavior appeared during the prosecution of an executive at a retailer selling their smartphones.
The judge also quoted a new law adopted by the US Supreme Court, which could make it easier for some plaintiffs to prove that statements can be misleading.
Other defendants include former CEO Thorsten Heins, former CFO Brian Bidulka, and Steve Zipperstein, Director of the Legal Department.
BlackBerry spokeswoman Sarah McKinney refused to comment.
The defendant's lawyer did not immediately reply to the requests for comments.
The BlackBerry 10 has won positive criticism from critics, but has never touched the public that favored Android phones and the Apple iPhone. In 2016, BlackBerry decided to stop making its own smartphones.
Shareholders accused BlackBerry of obscuring the true prospects of BlackBerry 10 sales in public statements during 2013.
The modified complaint was based in part on the information provided by James Dunham's 2015 prosecution, the former Chief Operating Officer of Wireless Zone.
This case revealed how Detwiler Fenton's April 2013 report, which shows a high return on BlackBerry 10, was based on data sold by Dunham from 400 Wireless Zone stores.
Dunham confessed to selling confidential information about the wireless industry and was sentenced to five months in prison.
McMahon said the petitioners made a "credible demonstration" that BlackBerry's public response to the Detwiler report, including the fact that customers were "satisfied" and the rate of return was "level or below our forecasts and directly in line with industry", reportedly the data from the wireless zone.
She said she would later deal with the merits of BlackBerry's arguments that her statements were not misleading.
© Thomson Reuters 2018