The Law Offices of Howard G. Smith is investigating whether Popular, Inc. (NASDAQ: BPOP) breached its fiduciary duty to its employees who were invested in its 401(K) Savings & Investment Plan by steering its employees to invest their retirement savings in Popular stock when the Company knew that doing so was a bad investment.
Specifically, the Law Offices of Howard G. Smith believes that the Company steered its employees to invest their retirement in Company stock despite knowing the following: (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.
The Law Offices of Howard G. Smith believes that the Company acted unfairly towards its employees and seeks to recover the money that they have lost on their 401(K) Savings & Investment Plan. If you were an employee of Popular, Inc. and are invested in the Company’s 401(K) Savings & Investment Plan, please call the Law Offices of Howard G. Smith and speak to Mr. Smith directly regarding how he can help you or complete the online questionnaire and Mr. Smith will promptly call you.
