Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased the Securities of Popular, Inc. Between 1/23/0
May 15 2009 - 1:39PM
Marketwired
Dyer & Berens LLP (www.DyerBerens.com) today announced that it
has filed a class action lawsuit in the United States District
Court for the District of Puerto Rico on behalf of investors who
purchased Popular, Inc. ("Popular" or the "Company") (NASDAQ: BPOP)
securities between January 23, 2008 and January 22, 2009, inclusive
(the "Class Period"). The complaint charges Popular and certain of
its officers with violations of the federal securities laws.
Popular, through its subsidiaries, offers a range of retail and
commercial banking products and services in Puerto Rico and the
United States.
If you wish to serve as a lead plaintiff, you must move the
court no later than July 13, 2009. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Jeffrey A.
Berens, Esq. at (888) 300-3362, (303) 861-1764, or via email at
jeff@dyerberens.com. Any member of the putative class may move the
court to serve as lead plaintiff through counsel of their choice,
or may choose to do nothing and remain an absent class member.
The complaint alleges that defendants failed to disclose
material adverse facts related to the Company's true financial
condition and prospects. This resulted in artificially inflated
prices of the Company's common stock during the Class Period and a
significant drop in the stock price when the Company announced its
financial results for the fourth quarter and year end of 2008.
Specifically, during the Class Period, the complaint alleges
that defendants failed to disclose the following adverse facts,
among others: (i) that the Company's deferred tax assets related to
its U.S. operations were materially overstated; (ii) that the
Company 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 was deteriorating and was materially
overstated; (iv) that the Company 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.
On January 22, 2009, Popular announced a net loss of $702.9
million for the fourth quarter, citing a higher provision for loan
losses, among other things. As a result of the announcement, shares
of the Company's common stock declined $2.52 per share, losing
approximately 50% of their value.
Plaintiff seeks to recover damages on behalf of Popular
investors. The plaintiff is represented by Dyer & Berens LLP,
which has expertise in prosecuting investor class actions involving
financial fraud. The firm's extensive experience in securities
litigation, particularly in cases brought under the Private
Securities Litigation Reform Act, has contributed to the recovery
of hundreds of millions of dollars for aggrieved investors. For
more information about the firm, please go to
www.DyerBerens.com.
Contact: Jeffrey A. Berens Dyer & Berens LLP 682 Grant
Street Denver, CO 80203 Tel: (888) 300-3362 or (303) 861-1764
Email: Email Contact Website: www.DyerBerens.com
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