The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of the publicly-traded common stock of Hanmi Financial Corporation – HAFC

LOS ANGELES, April 15, 2024 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the Central District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers Hanmi Financial Corporation publicly-traded common stock (NASDAQ: HAFC):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO:  ALL PERSONS AND ENTITIES WHO PURCHASED THE PUBLICLY-TRADED COMMON STOCK OF HANMI FINANCIAL CORPORATION (“HANMI”) FROM AUGUST 9, 2018 THROUGH APRIL 30, 2020, BOTH DATES INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on September 6, 2024, at 1:30 p.m. before the Honorable Fernando L. Aenlle-Rocha, United States District Judge of the United States District Court for the Central District of California, First Street U.S. Courthouse, 350 W. First Street, Courtroom 6B, Los Angeles, CA 90012, or by telephonic or videoconference means as directed by the Court, for the purpose of determining:

(1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $3,000,000 should be approved by the Court as fair, reasonable, and adequate;
(2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate;
(3) whether the application of Lead Counsel for an award of attorneys’ fees of up one-third of the Settlement Fund, reimbursement of expenses of not more than $80,000, and an award of no more than $10,000 to Plaintiff, should be approved; and
(4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement, dated June 23, 2023 (“Stipulation”).

If you purchased publicly-traded Hanmi common stock during the period from August 9, 2018 and April 30, 2020, both dates inclusive (“Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Hanmi common stock. The Settlement is not an admission or concession by Hanmi, its counsel, or any of the Defendants of the truth of any of the allegations in the Action, or of any liability, fault, or wrongdoing of any kind, nor is it a concession that any Settlement Class Member directly or indirectly suffered any damages, harm, or loss.

If you have not received a postcard providing instructions for receiving a detailed Notice of Pendency and Proposed Settlement of Class Action (“Long Notice”) and a copy of the Proof of Claim and Release Form (“Proof of Claim”), you may obtain copies by writing to or calling the Claims Administrator at: Hanmi Financial Corporation Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; [email protected], or going to the website, www.strategicclaims.net/Hanmi. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a properly completed Proof of Claim electronically or postmarked no later than August 7, 2024 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit a request for exclusion in the manner and form explained in the Long Notice to the Claims Administrator so that it is received no later than August 16, 2024. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and an award to Plaintiff must be in the manner and form explained in the Long Notice and received no later than August 16, 2024, by each of the following:

If you have any questions about the Settlement, you may call or write to Lead Counsel:

THE ROSEN LAW FIRM, P.A.
Daniel Tyre-Karp
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: 212-686-1060

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.