HAFC Hanmi Financial Corporation investors can recover losses but you must file now to join the class action case
Tue 14th Apr 2020 | Posted by GPMfeeds, on Blog
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 26, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Hanmi Financial Corporation (“Hanmi” or the “Company”) (NASDAQ: HAFC) investors who purchased securities between August 12, 2019 and January 28, 2020, inclusive (the “Class Period”).
If you suffered a loss on your Hanmi investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-801-2829, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.
On January 28, 2020, Hamni issued a press release announcing the Company’s financial results for the 2019 fiscal fourth quarter. Therein, Hamni 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 LinkedIn, Twitter, or Facebook.
If you purchased Hanmi securities during the Class Period, you may move the Court no later than May 26, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-801-2829, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.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.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
DataByte PDF – DataByte-HAFC
| Case Data Byte | |
| Law Firm | Glancy Prongay & Murray LLP |
| Company Name | Hanmi Financial Corporation |
| Stock Symbol | HAFC |
| Class Period | August 12, 2019 and January 28, 2020 |
| Lead Plaintiff Motion Deadline | May 26, 2020 |
| Contact Attorney | Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 |
| Contact Phone | 310-801-2829 |
| Contact Email | shareholders@glancylaw.com |
| Press Release | https://www.glancylaw.com/news-faqs/hafc-hanmi-financial-corporation-investors-can-recover-losses-but-you-must-file-now-to-join-the-class-action-case/ |
| Case Summary | On January 28, 2020, Hamni issued a press release announcing the Company’s financial results for the 2019 fiscal fourth quarter. Therein, Hamni 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.” |
| About the Company | The bank was established in 1982 and expanded very quickly after its inception. The bank was founded by George S. Chey [1] who served as Chairman of the Board for 10 years after its startup. Five years after opening its doors the Hanmi Bank conducted its IPO and is listed on NASDAQ. Throughout its history the bank has bought and acquired several companies such as the First Global Bank as well as the Pacific Union Bank and the Chun Ha Insurance Agency. In 2001, the company listed on the NASDAQ. Subsequently, the bank expanded to include Insurance and Wealth Management services. |
| Yahoo Finance | https://finance.yahoo.com/quote/HAFC/ |
| Website | https://www.hanmi.com/ |
| Wikipedia | https://en.wikipedia.org/wiki/Hanmi_Bank |
| Join Action Link | https://www.glancylaw.com/cases/hanmi-financial-corporation/ |