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HAFC.US
id: 897

Hanmi (HAFC) $3M Shareholder Settlement

Late claims are being considered for compensation, subject to approval.
C.D. California
Court
2:20-cv-02844
Case number
08/09/2018
Class period Start
04/30/2020
Class period End
08/07/2024
Claim deadline
Hanmi (HAFC) settles $3 million with investors to end claims over concealment of over $40 million in nonperforming loans.

Case Details:

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.


Case Status
Accepting Late Claims
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.25
Filing date
03/26/2020
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
Court hearing date
09/06/2024
Exclusion deadline
08/16/2024
Objection deadline
08/16/2024
Hearing deadline
08/16/2024
Class wide damages
$8,900,000
Trades matching type
FIFO
+$3,000,000
Cash Settlement Amount

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