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Popular Inc. Investor Class Action Lawsuit over alleged Securities Laws Violations - 05/14/2009

 

If you purchased securities of Popular, Inc. (NASDAQ: BPOP) between January 23, 2008 and January 22, 2009 you have certain options and there are short and strict deadlines running. Deadline July 13, 2009. You should contact the Shareholders Foundation, Inc.

You may contact us by using this form, or by sending an email to mail@shareholdersfoundation.com, or calling us at (858) 779-1554.

Company Name(s): 
Popular
Case Name: 
Popular Inc. Investor Class Action Lawsuit over alleged Securities Laws Violations - 05/14/2009
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: BPOP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Class Period Begin: 
01/23/2008
Class Period End: 
01/22/2009
Court of Filing: 
U.S. District Court for the District of Puerto Rico
Deadline To File for Lead: 
07/13/2009
Summary: 

An investor in Popular, Inc. (NASDAQ: BPOP) has filed a proposed securities class action lawsuit in the United States District Court for the District of Puerto Rico on behalf of purchasers of the securities of Popular, Inc. (NASDAQ: BPOP) between January 23, 2008 and January 22, 2009 against Popular, Inc and certain of its officers over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Popular, Inc and certain of its officers violated the Exchange Act by failing to disclose between January 23, 2008 and January 22, 2009 material adverse facts about Popular’s true financial condition, business and prospects. Then on January 22, 2009, Popular announced its financial results for the fourth quarter and year end of 2008, the period ended December 31, 2008. For the quarter, the Company reported a net loss of $702.9 million, citing to a higher provision for loan losses, among other things. In response to this announcement, shares of Popular;s common stock fell $2.52 per share, or 50%, to close at $ 2.46 per share, on heavy trading volume.

Popular, Inc., located in Hato Rey, PR, is a diversified bank holding company. Popular operates in three target markets: Puerto Rico, the mainland United States, and processing and other technology services in Puerto Rico, Venezuela, Florida and the Dominican Republic. Popular shares (BPOP) traded recently at $2.93 per share, down from a 52weekHigh of $12.45 per share and $18.87 per share in 2007 and almost $28 per share in 2005.

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