HF Foods Group Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired HF Foods Group Inc. (“HF Foods” or the “Company”) (NASDAQ: HFFG) securities during the period from August 23, 2018 through 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.
The lawsuit alleges that the Company failed to disclose that: (i) HF Foods engaged in undisclosed related party transactions; (ii) HF Foods insiders and related parties were enriching themselves by misusing shareholder funds; and (iii) HF Foods was “gaming” the FTSE/Russell Index by masking the true number of shares free floating.
On March 23, 2020, Hindenburg Research published a report alleging that the Company engaged in “massive undisclosed related-party transactions,” that shareholder money was "spent on exotic supercars,” and that the Company had an “outrageous fundamental valuation.”
On this news, HF Foods shares fell $2.52, or 20.5%, to close at $9.80 per share on March 23, 2020.
If you acquired HF Foods securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.