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Investigation announced for Investors in shares of Hanmi Financial Corporation (NASDAQ: HAFC)

02-05-2020 10:21 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in Hanmi Financial Corporation (NASDAQ: HAFC) shares over potential securities laws violations.

An investigation for investors in Hanmi Financial Corporation (NASDAQ: HAFC) shares over potential securities laws violations.

An investigation was announced concerning potential securities laws violations by Hanmi Financial Corporation in connection with certain financial statements.

Investors who purchased shares of Hanmi Financial Corporation (NASDAQ: HAFC), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Hanmi Financial Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Los Angeles, CA based Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides business banking products and services in the United States. Hanmi Financial Corporation reported that its annual Total Revenue declined from $210.21 million in 2017 to $205.53 million in 2018 and that its Net Income increased from $54.32 million in 2017 to $57.5 million in 2018.

On January 28, 2020, Hanmi Financial Corporation announced its financial results for the 2019 fiscal fourth quarter. Therein, Hanmi Financial Corporation reported net income of $3.1 million for fourth quarter 2019, which included "a $6.9 million specific provision for loan and lease losses related to [a] previously identified $39.7 million troubled loan relationship." According to Hanmi's President and Chief Executive Officer Bonnie Lee, "[w]ith the loans comprising this relationship maturing on December 31, 2019, [Hanmi] received current appraisals on the personal property securing the relationship and ha[s] provided for a specific allowance at the lower range of the appraised values."

Shares of Hanmi Financial Corporation (NASDAQ: HAFC) declined from $20.79 per share on December 20, 2019 to as low as $16.30 per share on January 29, 2020.

On February 5, 2020, NASDAQ: HAFC shares closed at $17.85 per share.

Those who purchased shares of Hanmi Financial Corporation (NASDAQ: HAFC) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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