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HF Foods Group Inc. (NASDAQ: HFFG) Investor Securities Class Action Lawsuit 03/29/2020

  • If you purchased shares of HF Foods Group Inc. (NASDAQ: HFFG), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
HF Foods Group Inc.
Security
NASDAQ: HFFG

Case Name
HF Foods Group Shareholder Class Action Lawsuit 03/29/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Summary

December 11, 2020 - A corrected amended complaint was filed.

December 4, 2020 - An amended complaint was filed.

March 29, 2020 - An investor in shares of HF Foods Group Inc. (NASDAQ: HFFG) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by HF Foods Group Inc. in connection with certain allegedly false and misleading statements made between August 23, 2018 and March 23, 2020.

Greensboro, NC based HF Foods Group Inc., through its subsidiaries, markets and distributes fresh produces, frozen and dry food products, and non-food products to Asian restaurants, primarily Chinese restaurants, and other foodservice customers throughout the Southeast, Pacific, and Mountain West regions in the United States. HF Foods Group Inc. reported that its annual Total Revenue rose from $291 million in 2018 to $388.16 million in 2019, and that its Net Income declined from $6.28 million in 2018 declined from $6.35 million in 2018 to $5.39 million in 2019.

On March 23, 2020, Hindenburg Research released a report alleging that HF Foods engaged in massive undisclosed related-party transactions, that shareholder money was spent on exotic supercars, and that the Company had an outrageous fundamental valuation.

Shares of (NASDAQ: HFFG) declined from $27.65 per share in November 2019 to as low as $7.50 per share on March 16, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of HF Foods Group Inc. (NASDAQ: HFFG) common shares between August 23, 2018 and March 23, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 23, 2018 and March 23, 2020, the defendants made false and/or misleading statements and/or failed to disclose that HF Foods engaged in undisclosed related party transactions, that HF Foods insiders and related parties were enriching themselves by misusing shareholder funds, that HF Foods was “gaming” the FTSE/Russell Index by masking the true number of shares free floating, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.