SAN FRANCISCO, March 27, 2020 /PRNewswire/ -- Hagens Berman urges investors in Hanmi Financial Corporation (NASDAQ: HAFC) who have suffered significant losses to submit their losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Class Period: Aug. 12, 2019 – Jan. 28, 2020
Lead Plaintiff Deadline: May 26, 2020
Sign Up: www.hbsslaw.com/investor-fraud/HAFC
Contact An Attorney Now:
Hanmi Financial Corporation (HAFC) Securities Class Action:
The Complaint alleges that during the Class Period, Defendants misled investors about Hanmi's loan and lease portfolio quality, particularly with respect to a $40.7 million credit relationship.
Investors began to learn the truth, through a series of partial disclosures, beginning on Aug. 12, 2019, when Defendants announced Hanmi would not timely file its 2Q 2019 quarterly report because "the Company and its auditor are evaluating the classification of a single $40.7 million credit relationship […] and the related adjustment to the allowance for loan and lease losses that could affect the financial statements."
Then, on Oct. 4, 2019, Hanmi belatedly filed its 2Q 2019 quarterly report, established an aggregate specific allowance of $15.7 million related to the $40.7 million credit relationship, and admitted to material weaknesses in internal controls over financial reporting such that there was inadequate review of the fair value of collateral dependent impaired loans.
Finally, on Jan. 28, 2020, Hanmi announced its Q4 2019 financial results, including a $6.9 million specific provision for loan and lease losses related to the same troubled credit relationship.
This news drove the price of Hanmi shares sharply lower on Jan. 29, 2020.
"We're focused on investors' losses and proving Defendants intentionally misled investors regarding the financial impact of an impaired loan," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Hanmi and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Hanmi should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email HAFC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP