The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Hanmi Financial Corp. Investo...
March 30 2020 - 12:00PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Hanmi Financial Corporation
(“Hanmi” or the “Company”) (NASDAQ: HAFC) securities between
August 12, 2019 and January 28, 2020, inclusive (the “Class
Period”). Hanmi investors have until May 26, 2020 to file a
lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On January 28, 2020, Hanmi issued a press release announcing the
Company’s financial results for the 2019 fiscal fourth quarter.
Therein, Hanmi 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.”
On this news, the Company’s share price fell $1.77, or over 9%,
to close at $16.99 per share on January 29, 2020, on usually heavy
trading volume.
The complaint alleges that defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose: (1) that the specified $40.7 million troubled loan would
necessitate further and future specific provisions for the Company
– in the millions; (2) 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 (3) as a
result, Defendants’ public statements were materially false and
misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Hanmi securities during the Class Period, you
may move the Court no later than May 26, 2020 to ask the
Court to appoint you as lead plaintiff. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you purchased Hanmi securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200330005093/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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