|Company name||HF Foods Groups, Inc.|
|Status||Class Action Complaint Filed|
NEW YORK, May 20, 2020–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased HF Foods Group, Inc. (NASDAQ: HFFG) securities between August 23, 2018 and March 23, 2020 (the “Class Period”). Investors have until May 28, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On March 23, 2020, Hindenburg Research published a report explaining that HF Foods had, among other issues, failed to disclose: (i) transactions with related-parties; (ii) its flagrant misuse of shareholder funds; and (iii) its gaming of the FTSE/Russell Index criteria.
On this news, shares of HF Foods fell $2.52 per share, or over 20%, to close at $9.80 per share on March 23, 2020.
The complaint, filed on March 29, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) HF Foods engaged in undisclosed related party transactions; (2) HF Foods insiders and related parties were enriching themselves by misusing shareholder funds; (3) HF Foods was “gaming” the FTSE/Russell Index by masking the true number of shares free floating; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
If you purchased HF Foods shares during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.