NEW YORK, April 7, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of HF Foods Group Inc. ("HF Foods" or the "Company") (NASDAQ: HFFG) between August 23, 2018, and March 23, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased HF Foods securities, and/or would like to discuss your legal rights and options please visit HF Foods Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, 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.
On March 23, 2020, Hindenburg Research published a report revealing that HF Foods had, among other things, 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, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased HF Foods securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/hffoodsgroupinc-hffg-shareholder-class-action-lawsuit-stock-fraud-269/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP