The Kraft Heinz Company
Company Name | The Kraft Heinz Company |
Stock Symbol | KHC |
Class Period | May 04, 2017 to February 21, 2019 |
Lead Plaintiff Motion Deadline | April 25, 2019 |
On February 21, 2019, The company announced that it received a subpoena from the Securities and Exchange Commission in October regarding its “accounting policies, procedures, and internal controls related to its procurement function, including, but not limited to, agreements, side agreements, and changes or modifications to its agreements with its vendors.” On this news, shares of Kraft Heinz fell significantly, thereby injuring investors.
The complaint filed in this class action alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Kraft’s internal controls, specifically with respect to its procurement area, were inadequate; (2) Kraft would be forced to write down a significant amount of goodwill and certain intangible assets in its Kraft natural cheese business, its Oscar Mayer cold cuts business, and its Canada retail business due to supply chain issues; (3) Kraft failed to advise investors of the foregoing issues; and (4) as a result, Kraft’s public statements were materially false and misleading at all relevant times.
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