Hanmi Financial Corporation
| Company Name | Hanmi Financial Corporation |
| Stock Symbol | HAFC |
| Class Period | August 12, 2019 to January 28, 2020 |
| Lead Plaintiff Motion Deadline | May 26, 2020 |
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.
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