NEW YORK, NY / ACCESSWIRE / February 1, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Hanmi Financial Corporation (“Hanmi” or the “Company”) (HAFC). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Hanmi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 28, 2020, Hanmi issued a press release announcing the Company’s financial results for the fourth fiscal quarter of 2019. Therein, 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.” 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, Hanmi’s stock price fell $1.77 per share, or 9.43%, to close at $16.99 per share on January 29, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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