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HAFC.US

Hanmi (HAFC) Financial Problems $3M Settlement

C.D. California
Court
2:20-cv-02844
Case number
09 Aug 2018
Class period Start
30 Apr 2020
Class period End
  • In January 2020, Hanmi shared that it earned $3.1M but had a problem with a loan.
  • Because of this news, $HAFC fell by over 9%.
  • Hanmi agreed to pay $3M to investors to resolve the claims due to this case.
On January 28, 2020, Hanmi reported a net income of $3.1M, including a $6.9M provision for a troubled loan of $39.7M.

This news caused Hanmi's stock to drop over 9% on January 29, 2020.

Hanmi supposedly didn't disclose the need for future provisions related to the $40.7M loan and had to appraise and secure personal property for part of the loan.

Hanmi has now decided to resolve all the allegations and pay a $3M settlement.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
26 March 2020
Plaintiffs
Killyoung Oh
Attorneys
The Rosen Law Firm, P.A.
Defendants
C. G. Kum, Bonita I. Lee, Romolo C. Santarosa
Judge
Hon. Andre Birotte Jr.
Administrator
Strategic Claims Services
Class wide damages
$8,900,000
Trades matching type
FIFO
+$3,000,000
Total Settlement Amount
Created by Polina Foster, Scout

Hanmi Financial Corporation

Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides business banking products and services in the United States. It offers various deposit products, including n...

    Ticker
    HAFC.US
    ISIN
    US4104952043
    CIK
    1109242
    Sector
    Financial Services
    Industry
    Banks - Regional
    Country
    USA
    Address
    900 Wilshire Boulevard, Los Angeles, CA, United States, 90017