2022-09-16 | NDAQ: HAFC | Press release
NEW ORLEANS, September 16, 2022 /PRNewswire/ — Former Attorney General of Louisiana, 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, 2019the 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 evaluate the classification of a single $40.7 million credit relationship … as well as a possible deficiency in internal control mainly related to construction loans, which may affect prior periods. August 22, 2019, the Company announced that it had received a notice from NASDAQ indicating that the Company was no longer in compliance with NASDAQ rules due to its untimely quarterly publication and was at risk of delisting. Then, on October 4, 2019the Company disclosed that it had moved all $40.7 million loan relationship in non-recognition status, downgraded its rating and would take a $15.7 million provision for losses on loans and leases, which it eventually increased to $25.2 million 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.
Kahn Swick & Foti, LLC
Lewis KahnManaging partner
1100 Poydras Street, Suite 3200
New Orleans, LA 70163
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SOURCE Kahn Swick & Foti, LLC