Company name Hanmi Financial Corporation
Stock symbol HAFC
Status Under Investigation

NEW YORK, January 31, 2020– Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Hanmi Financial Corporation (NASDAQ: HAFC) on behalf of Hanmi stockholders. Our investigation concerns whether Hanmi has violated the federal securities laws and/or engaged in other unlawful business practices.

On January 28, 2020, Hanmi released its financial results for the fourth fiscal quarter of 2019, reporting a net income of $3.1 million for the quarter.  However, this 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.

If you purchased or otherwise acquired Hanmi shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 308-1869, or by filling out the below contact form.  There is no cost or obligation to you.

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.

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