Hanmi Financial Corporation
(NASDAQ GS: HAFC)
Rigrodsky Law, P.A. is investigating potential claims against the officers and directors of Hanmi Financial Corporation ("Hanmi" or the "Company") on behalf of stockholders. A class action complaint has been filed against Hanmi. The complaint alleges that, in 2019 and 2020, Hanmi’s new leadership took extraordinary actions to mislead investors about the Company’s exposure to a $40 million troubled loan relationship. Defendants' actions included routinely violating accounting principles, understating the Company’s key liability metrics, firing the Company’s long-time independent auditor, parting with the Company’s long-time Chief Risk Officer, and consolidating the oversight function within senior management. Throughout the course of the year-long fraud, Hanmi incrementally took provisions for—and belatedly charged off—more than 60% of the troubled loan, identified two separate material weaknesses in the Company’s internal controls, and routinely downplayed the significance of these weaknesses and of the risk of losses from the troubled loan relationship.