Shareholder Alert: Robbins LLP Reminds Investors Hanmi Financial Corporation (HAFC) Sued for Misleading Shareholders
April 22 2020 - 6:29PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Hanmi Financial Corporation (NASDAQ: HAFC) filed a
class action complaint against the Company for alleged violations
of the Securities Exchange Act of 1934 between August 12, 2019 and
January 28, 2020. Hanmi operates as the holding company for Hanmi
Bank, which provides business banking products and services in the
United States.
If you suffered a loss as a result of Hanmi's misconduct, click
here.
Hanmi Financial Corporation (HAFC) Accused of Misleading
Shareholders
According to the complaint, on August 12, 2019, Hanmi announced
that it would be unable to timely file its quarterly report due to
an evaluation of "the classification of a single $40.7 million
credit relationship… and the related adjustment to the allowance
for loan and lease losses." Hanmi acknowledged the review could
affect the financial statements included in the report and could
indicate a possible internal control deficiency related to
construction lending, but failed to disclose that the troubled loan
could lead to future provisions in the millions. Then, on January
28, 2020, Hanmi reported net income of $3.1 million for the
quarter, including an additional "$6.9 million specific provision
for loan and lease losses related to a previously identified $39.7
million troubled loan relationship." To secure the loan
relationship, Hanmi disclosed that the Company "received current
appraisals on the personal property… and have provided for a
specific allowance in the lower range of the appraised values." On
this news, Hanmi's stock price fell almost 10% to close at $16.99
per share.
Hanmi Financial Corporation (HAFC) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200422006070/en/
Leo Kandinov Robbins LLP lkandinov@robbinsllp.com (619) 525-3990
or Toll Free (800) 350-6003 www.robbinsllp.com
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