Shareholder slaps RIM on the wrist

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Some people just don’t have any patience, I guess. Late last night RIM let the world know that one of their shareholders has hit them with a Notice of Application. To those readers of ours who aren’t lawyers, the press release breaks it all down.

The Notice of Application, among other things, seeks the permission of the Court to commence a shareholder derivative action purportedly on behalf of the Company against certain of RIM’s directors relating to RIM’s historical option granting practices, and also makes certain demands with respect to the conduct and scope of RIM’s ongoing management-initiated, voluntary review of such practices.

The release also notes that more lawsuits could be on the way from more shareholders who’re fed up with this options madness. Now would be a good time for RIM’s lawyers to push more paper than they’ve ever pushed before.