Hanmi (HAFC) $3M Shareholder Settlement
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.
Frequently Asked Questions
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.
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:
Prepare documents for your payout
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.