Monday, April 6, 2020 2:20 AM
HENDERSONVILLE, TN / ACCESSWIRE / April 6, 2020 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, announces that a purchaser of HF Foods Group, Inc. (NASDAQ:HFFG) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between August 23, 2018 and March 23, 2020. HF Foods markets and distributes fresh produce, frozen and dry food products, and non-food products to Asian restaurants and other foodservice customers throughout the United States.
HF Foods Group, Inc. (HFFG) Accused of Misleading Shareholders
According to the complaint, throughout the relevant period, HF Foods purported to disclose all of its related party transactions in its filings with the SEC, each time attesting to the Company’s internal control over financial reporting and the disclosure of all fraud. Then, on June 25, 2019, HF Foods filed a Form 8-K describing its merger with B&R, failing to mention that B&R was a related party. Then, on March 23, 2020, Hindenburg Research published a report revealing that HF Foods had 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. According to the report, “HF’s massive $509 million merger with food distributor B&R appears to be a blatant undisclosed related-party transaction” and they believed “insiders are using these dozens of related-party transactions to suck cash out of the business, eventually leaving shareholders with a hollow, debt-laden company.” On this news, HF Foods’ stock price fell over 20% to close at $9.80 per share.
HF Foods Shareholders Urged to Contact the Firm
If you purchased HF Foods securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to email@example.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®,their highest rating for both legal ability and ethics. Mr. Miles is amember of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors(Timothy L. Miles, Dec. 3, 2019).
SOURCE: The Law Offices of Timothy L. Miles