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Lawsuit filed for Investors in shares of Hanmi Financial Corporation (NASDAQ: HAFC)

04-02-2020 02:33 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Hanmi Financial Corporation (NASDAQ: HAFC) shares.

A lawsuit was filed on behalf of investors in Hanmi Financial Corporation (NASDAQ: HAFC) shares.

An investor, who purchased shares of Hanmi Financial Corporation (NASDAQ: HAFC), filed a lawsuit over alleged violations of Federal Securities Laws by Hanmi Financial Corporation.

Investors who purchased shares of Hanmi Financial Corporation (NASDAQ: HAFC) have certain options and for certain investors are short and strict deadlines running. Deadline: May 26, 2020. NASDAQ: HAFC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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."

The plaintiff claims that between August 12, 2019 and January 28, 2020, the defendants made false and/or misleading statements and/or failed to disclose that the specified $40.7 million troubled loan would necessitate further and future specific provisions for the Company - in the millions, that the specified $40.7 million troubled loan would necessitate the Company to appraise and take personal property securing a portion of the amount of the loan, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

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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