Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Hanmi Financial Corporation (HAFC)

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith 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”).

Investors suffering losses on their Hanmi investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [e-mail].

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.

If you purchased Hanmi securities during the Class Period, you may move the Court no later than May 26, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.