LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming May 28, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired HF Foods Group Inc. ("HF Foods" or "the Company") (NASDAQ: HFFG) securities between August 23, 2018 and March 23, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On March 23, 2020, Hindenburg Research released a report claiming 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.”
On this news, the Company’s share price fell $2.52, or over 20%, to close at $9.80 per share on March 23, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that HF Foods engaged in undisclosed related party transactions; (2) that HF Foods insiders and related parties were enriching themselves by misusing shareholder funds; (3) that 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.
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If you purchased or otherwise acquired HF Foods securities during the Class Period, you may move the Court no later than May 28, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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