HF Foods settles SEC probe for $3.9M; former execs barred from company

HF Foods Group Inc.

Company consented to cease-and-desist order without admitting or denying findings from false disclosures by former Chairman/CEO Zhou Min Ni and former CFO Jian Ming Ni.
Civil penalty of $3.9 million; SEC cited company's remedial actions and cooperation in accepting settlement.
Former executives agreed to pay fines/disgorgement, officer/director bars, and Zhou Min Ni is permanently enjoined from managing or influencing HF Foods.
Special Litigation Committee previously obtained monetary settlement from former executives ratified by Delaware Chancery Court.
CEO Peter Zhang stated company is now focused on ethical expansion and operating consistent with its principles.

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