HF Foods Announces Proposed Settlement of Stockholder Derivative Complaint
26 Abril 2023 - 3:30PM
HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to
Asian restaurants across the United States (“HF Foods” or the
“Company”), today announced that the Company has entered into a
proposed settlement of a previously disclosed pending stockholder
derivative complaint in the Court of Chancery of the State of
Delaware (the “Court”) with respect to certain current and former
officers and directors of the Company (the “Delaware Action”). The
full terms of the settlement of the Delaware Action are to be
incorporated into a long-form settlement agreement, which is
subject to approval of the Court. Upon the execution of the
long-form settlement agreement, the Delaware Action will be
dismissed with prejudice, thereby resolving all existing and
potential liability against all named defendants in the Delaware
Action.
HF Foods is pleased to have reached a proposed
resolution to this legacy matter, which has required significant
board and management attention over the past few years, and looks
forward to finally resolving this legacy matter in an important and
exciting year for the Company. HF Foods remains committed to
maintaining high standards of investor transparency, engagement and
corporate governance.
Additional information regarding the proposed
settlement will be contained in a Current Report on Form 8-K to be
filed by the Company with the U.S. Securities and Exchange
Commission.
About HF Foods Group Inc.
HF Foods Group Inc., headquartered in Las Vegas,
Nevada, is a leading marketer and distributor of fresh produce,
frozen and dry food, and non-food products to primarily
Asian/Chinese restaurants and other foodservice customers
throughout the United States. With 18 distribution centers
strategically located throughout the nation, HF Foods aims to
supply the increasing demand for Asian American restaurant cuisine.
With more than 15,000 established customers in 46 states, and
strong relations with growers and suppliers of food products in the
US, South America and China, HF Foods Group is able to offer fresh,
high-quality specialty restaurant foods and supplies at economical
prices to its large and growing base of customers. For more
information, please visit www.hffoodsgroup.com.
Forward-Looking Statements
All statements in this press release other than
statements of historical facts are forward-looking statements which
contain our current expectations about our future results. We have
attempted to identify any forward-looking statements by using words
such as “believes,” “intends,” and other similar expressions.
Although we believe that the expectations reflected in all of our
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct. Such statements
are not guarantees of future performance or events and are subject
to known and unknown risks and uncertainties that could cause the
Company’s actual results, events or financial positions to differ
materially from those included within or implied by such
forward-looking statements. Such factors include, but are not
limited to, risks that the Company may not regain compliance with
Nasdaq continued listing requirements relating to the Company’s
annual meeting of stockholders within any applicable grace period,
statements of assumption underlying any of the foregoing, and other
factors disclosed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2022 and other
filings with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date made. Except as required by law, we undertake no
obligation to disclose any revision to these forward-looking
statements.
Inquiries:
Investor Relations:Phone: (404) 836 -
0852Email: investors@hffoodsgroup.com
Media:Dan Gagnier & Riyaz Lalani Gagnier
Communications (646) 342-8087 hffg@gagnierfc.com
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