Izard Nobel LLP Announces Class Action Lawsuit Against Popular, Inc.
May 14 2009 - 5:49PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the District of Puerto Rico
on behalf of those who purchased the securities of Popular, Inc.
("Popular" or the "Company") (NASDAQ: BPOP) between January 23,
2008 and January 22, 2009, inclusive (the "Class Period").
The Complaint charges that Popular and certain of its officers
and directors violated federal securities laws. Specifically, the
Complaint alleges that defendants failed to disclose the following
material adverse facts, among others: (i) that the Company's
deferred tax assets related to its U.S. operations were materially
overstated; (ii) that Popular was experiencing increasing loan
losses in Puerto Rico and the U.S. construction sectors; (iii) that
the quality of the Company's remaining mortgage-related loans in
its U.S. mainland portfolios and other assets were deteriorating
and were materially overstated; (iv) that Popular was experiencing
a higher percentage of non-performing loans; (v) that the Company's
new loan originations were declining; and (vi) as a result of the
foregoing, the Company would soon be facing liquidity concerns and
would be forced to cut or eliminate paying a dividend to
shareholders.
If you are a member of the class, you may, no later than July
13, 2009, request that the Court appoint you as lead plaintiff of
the class. A lead plaintiff is a class member that acts on behalf
of other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/popular/, or contact Izard Nobel LLP
toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800) 797-5499
www.izardnobel.com Email Contact
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