An investor in Popular Inc has filed a class action lawsuit on behalf of purchasers of BPOP shares between January 23, 2008 and January 22, 2009 over alleged violations of Federal Securities Laws.by Popular, Inc Meanwhile an investigation on behalf of current long term investors of Popular, Inc. (NASDAQ:BPOP), including those who purchased also prior to January 2008 and continue to hold those shares, over possible breaches of fiduciary duty was announced.
The investigation by a law firm on behalf of current long term investors in stock of Popular, Inc. (Public, NASDAQ:BPOP) concerns whether certain current and/or former members of Populars board of directors and executive officers can be held liable in connection with the alleged Securities Laws violations in the lawsuit by investors who purchased BPOP stock between January 23, 2008 and January 22, 2009.
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 Populars 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 $3.22 per share, down from a 52weekHigh of $4.22 per share, down from $14.07 per share in 2008, down from $18.87 per share in 2007, and down from almost $28 per share in 2005.