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Case Status:    SETTLED
On or around 12/21/2011 (Date of order of final judgment)

Filing Date: May 14, 2009

According to a press release dated May 14, 2009, the complaint charges Popular and certain of its officers with violations of the Exchange Act. Popular, through its subsidiaries, offers a range of retail and commercial banking products and services in Puerto Rico and the United States.

The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, 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 were deteriorating and were 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 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 the Company’s common stock fell $2.52 per share, or 50%, to close at $ 2.46 per share, on heavy trading volume.

On October 1, 2009, an order for consolidation was entered into the court record. The parties shall have until October 8, 2009 to consent to or oppose the proposed consolidation.

On October 19, 2009, a Consolidated Class Action Complaint was filed by the lead plaintiffs against the defendants.

On November 13, 2009, the Court established the following leadership structure for this action: (A.) Plaintiff Ruben Garcia ws duly appointed Lead Plaintiff; (B.) Scott+Scott LLP was duly appointed Lead Counsel (C.) Luis E. Miñana & Associates are duly appointed Liaison Counsel; and (D.) All subsequently-filed shareholder derivative actions against defendants in this Court arising from the same allegations will be consolidated under this case pursuant to Federal Rules of Civil Procedure Rule 42(a) and are subject to this Order.

On November 18, 2009, an order to consolidate any subsequently filed related actions and appoint lead counsel to Magistrate Judge McGiverin for disposition was entered into the court’s docket.

According to a press release dated January 27, 2011, Popular, Inc. (Nasdaq: BPOP) announced today that it and the other named defendants have entered into two memoranda of understanding in connection with the settlement of five putative securities class actions filed in the United States District Court for the District of Puerto Rico and the Puerto Rico Court of First Instance, San Juan Part.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: Puerto Rico

SECURITIES INFORMATION:

Ticker Symbol: BPOP
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Puerto Rico
DOCKET #: 09-CV-01428
JUDGE: Hon. Gustavo A. Gelpi
DATE FILED: 05/14/2009
CLASS PERIOD START: 01/23/2008
CLASS PERIOD END: 01/22/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Andres W. Lopez Law Office
    207 Del Parque St., Third Floor, Andres W. Lopez Law Office, PR 00912
    787.406.9075 787.406.9075 ·
  2. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  3. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
  4. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
No Document Title Filing Date
COURT: D. Puerto Rico
DOCKET #: 09-CV-01428
JUDGE: Hon. Gustavo A. Gelpi
DATE FILED: 10/19/2009
CLASS PERIOD START: 01/24/2008
CLASS PERIOD END: 02/19/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Andres W. Lopez Law Office
    207 Del Parque St., Third Floor, Andres W. Lopez Law Office, PR 00912
    787.406.9075 787.406.9075 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
No Document Title Filing Date
No Document Title Filing Date