A lawsuit was filed on behalf of investors in Hanmi Financial Corporation (NASDAQ: HAFC) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/07/2020 -- An investor, who purchased shares of Hanmi Financial Corporation (NASDAQ: HAFC), filed a lawsuit over alleged Securities Laws violations 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 email@example.com or call +1(858) 779 - 1554.
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. 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.
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