HANMI INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates Officers and Directors of Hanmi Financial Corporation – HAFC
NEW ORLEANS–(BUSINESS WIRE)–Former Louisiana Attorney General Charles C. Foti, Jr., Esq., a partner at the law firm Kahn Swick & Foti, LLC (“KSF”), announces that KSF has opened an investigation into Hanmi Financial Corporation (NasdaqGS: HAFC).
On August 12, 2019, the company disclosed that it was unable to timely file its Form 10-Q for the quarter ending June 30, 2019, “because the company and its auditor are evaluating the classification of $40.7 million one-time credit relationship…as well as a potential internal control deficiency primarily related to construction loans, which may affect prior periods. On August 22, 2019, the Company announced that it had received a notice from NASDAQ stating that the Company was no longer in compliance with NASDAQ rules due to its untimely quarterly disclosure and was at risk of delisting.Then, on October 4, 2019, the company disclosed that ‘it had moved the entire $40.7 million loan relationship to non-recognition status, downgraded its rating and would take a $15.7 million provision for loan and lease losses, that ‘it eventually increased to 25.2 mil lions of dollars in total.
Subsequently, the Company and certain of its officers were sued in a securities class action lawsuit accusing them of failing to disclose material information during the Class Period, in violation of federal securities laws. securities. Recently, the court presiding over this case denied the company’s motion to dismiss, allowing the case to proceed.
KSF’s investigation focuses on whether Hanmi’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that could help KSF in its investigation, or if you are a long-time holder of Hanmi shares and wish to discuss your legal rights, you may, at no obligation or cost to you, call toll-free 1-877-515-1850 or email Lewis Kahn, KSF Managing Partner ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-hafc/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, fund managers and retail investors – in seeking recoveries for investment losses resulting from corporate fraud or malfeasance by listed companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you can visit www.ksfcounsel.com.