HF Foods settles stockholder derivative suit; receives $9.25M from former executives

HF Foods Group Inc.

Settlement of Delaware derivative action; former CEO Zhou Min Ni and former COO Chan Sin Wong to pay $9.25M to company.
Dismissal with prejudice of all claims against named defendants; court approval required.
Company to adopt governance changes: separate CEO/Chair, 75% independent directors, annual board training.
Company expects to file long-form settlement agreement with SEC by May 10, 2023.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

HF Foods Group Inc.: Amended Bylaws to modify committee procedures and add procedural requirements for stockholder action by written consent (effective 2023-04-25).

Change: bylaw amendment
Effective: 2023-04-25

Exact text from the filing

On April 25, 2023, the Board of Directors (the “Board”) of HF Foods Group Inc., a Delaware corporation (the “Company”), approved certain amendments (the “Amendment”) to the Company’s Amended and Restated Bylaws (the “Bylaws”), effective immediately.

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HF Foods Group Inc. filing history →

Source: SEC EDGAR

accession 0001680873-23-000016

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