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 (“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.
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