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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Hanmi Financial Corporation (HAFC)

The Law Offices of Frank R. Cruz reminds investors of the upcoming May 26, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Hanmi Financial Corporation ("Hanmi" or the "Company") (NASDAQ: HAFC) securities between August 12, 2019 and January 28, 2020, inclusive (the "Class Period").

If you are a shareholder who suffered a loss, click here to participate.

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.

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If you purchased or otherwise acquired 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200525005297/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com