HAFC.US
id: 897
Hanmi (HAFC) $3M Shareholder Settlement
Late claims are being considered for compensation, subject to approval.
C.D. California
Court2:20-cv-02844
Case number08/09/2018
Class period Start04/30/2020
Class period End08/07/2024
Claim deadlineHanmi (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 AmountFrequently Asked Questions
Who is eligible for this settlement?
Do I have to sell securities to be eligible?
How much will my payment be?
How long does the payout process take?
What is 11thestate?