Business
HF Foods Announces Proposed Settlement of Stockholder Derivative Complaint
LAS VEGAS, April 26, 2023 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG), a leading food distributor to Asian restaurants across the United States
About this update from Hf Foods Group Inc.
[{"type":"text","content":"LAS VEGAS, April 26, 2023 (GLOBE NEWSWIRE) -- 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 historica...