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Hanmi (HAFC) settles $3 million with investors to end claims over concealment of over $40 million in nonperforming loans.

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.

Hanmi Financial Corporation

All persons who purchased publicly-traded Hanmi Financial Corporation common stock during the period from August 9, 2018 through April 30, 2020, both dates inclusive.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

The final payout amount depends on your specific trades and the number of investors participating in the settlement.

If 100% of investors file their claims - the average payout will be $0.25 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $1 per share.

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

Audit the claim and make sure you get the maximum possible payout

File a claim with the settlement administration

Correspond with the settlement administration to resolve emerging issues

Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.

Accepting Late Claims

Mismanagement

Misleading Statements

Omissions

Directors

Management

Hanmi (HAFC) $3M Shareholder Settlement

hanmi-investors-settlement

Stocks

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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 noninterest-bearing checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit. The company also provides real estate loans, such as commercial property, construction, and residential property loans; and commercial and industrial loans, such as commercial term loans and commercial lines of credit; and international finance and trade services and products, such as letters of credit, and import and export financing. In addition, it offers small business administration loans for business purposes, which comprise owner-occupied commercial real estate, business acquisitions, start-ups, franchise financing, working capital, improvements and renovations, inventory and equipment, and debt-refinancing, as well as equipment lease financing. The company was founded in 1982 and is headquartered in Los Angeles, California.

Hanmi (HAFC) $3M Shareholder Settlement

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