NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased Hanmi Financial Corporation (NASDAQ: HAFC) securities between August 12, 2019 and January 18, 2020 (the “Class Period”). Investors have until May 26, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On January 28, 2018, Hanmi announced its financial results for the fourth quarter of 2019. Hanmi reported net income of $3.1 million for the quarter, which included a “$6.9 million specific provision for loan and lease losses related to a previously identified $39.7 million troubled loan relationship.”
On this news, shares of Hanmi fell $1.77 per share or 9.43% to close at $16.99 per share on January 29, 2020.
The complaint, filed on March 26, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the specified $40.7 million troubled loan would necessitate further and future specific provisions for the Company – in the millions; (2) 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’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Hanmi Financial securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
