LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of Hanmi Financial Corporation (“Hanmi” or the “Company”) (NASDAQ: HAFC) investors concerning the Company and its officers’ possible violations of federal securities laws.
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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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If you purchased Hanmi securities, have information or 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 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 email@example.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.
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