According to the Complaint, Hanmi Financial Corporation is a bank holding company whose subsidiary is Hanmi Bank (the “Bank”). Its primary operations are related to traditional banking activities, including the acceptance of deposits and the lending and investing of money through the operation of the Bank.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the specified $40.7 million troubled loan would necessitate further and future specific provisions for the Company – in the millions; (2) the specified $40.7 million troubled loan would necessitate the Company to appraise and take personal property securing a portion of the amount of the loan; and (3) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On July 21, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on September 17. Defendants filed a Motion to Dismiss the amended Complaint on November 2. On March 17, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On April 6, 2021, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on May 21. On August 15, 2022, the Court issued an Order denying Defendants' Motion to Dismiss.

On June 23, 2023, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on March 19, 2024.