Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased the Securities of Popular, Inc. Between 1/23/08 and 1/22/09; Announces Upcoming Investor Deadline -- BPOP (Marketwire)
Fri, 15 May 2009 17:39:00 Etc/GM
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:
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: http://www.DyerBerens.com
source: http://biz.yahoo.com/iw/090515/0501866.html