Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in The Kraft Heinz Company ("Kraft" or the "Company")(NASDAQ: KHC) of the April 25, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in The Kraft Heinz Company ("Kraft" or the "Company")(NASDAQ:
KHC) of the April 25, 2019 deadline to seek the role of lead plaintiff
in a federal securities class action that has been filed against the
If you invested in Kraft stock or options between May 4, 2017 and
February 21, 2019 and would like to discuss your legal rights, click
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292
or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Northern
District of Illinois on behalf of all those who purchased Kraft
securities between May 4, 2017 and February 21, 2019 (the "Class
Period"). The case, Hedick v. Kraft Heinz Company et al, No.
19-cv-01339 was filed on February 24, 2019.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by failing 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.
On February 21, 2019, after the market closed, Kraft announced its
earnings for the fourth quarter of 2018. The Company announced an
impairment charge of $15.4 billion. That same day, Kraft disclosed that
it had received a subpoena from the Securities and Exchange Commission
in October 2018 in connection with the Company’s procurement function.
On this news, Kraft's share price fell from $48.18 per share on February
21, 2019 to a closing price of $34.95 on February 22, 2019: a $13.23 or
a 27.46% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Kraft's conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.
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