Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In HF Foods Group Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in HF Foods Group Inc. (“HF Foods” or the “Company”) (NASDAQ:HFFG) of the May 28, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in HF Foods stock or options between August 23, 2018 and March 23, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased HF Foods securities between August 23, 2018 and March 23, 2020 (the “Class Period”). The case, Mendoza v. HF Foods Group Inc. et al., No. 20-cv-02929 was filed on March 29, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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.
Specifically, on March 23, 2020, Hindenburg Research published a report (the “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, HF Foods’s stock fell from a closing price of $12.32 on March 20, 2020 to $9.80 on March 23, 2020—a $2.52 or 20.45% drop.
HF Foods Group Inc.
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Filed on 03/26/2020
Lead Plaintiff Deadline 05/28/2020
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