Kraft Heinz Company (NASDAQ: KHC)
Hagens Berman Sobol Shapiro LLP reminds investors in The Kraft Heinz Company (NASDAQ: KHC) of the April 25, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Northern District of Illinois.
If you purchased or otherwise acquired shares of KHC between July 6, 2015 and February 21, 2019 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing KHC@hbsslaw.com.
According to the complaint, during the expanded class period Defendants (a) misled investors about whether Kraft’s Zero Based Budgeting and other cost-saving measures would deliver increased profitability while simultaneously maintaining base business momentum and (b) did not disclose known trends that were negatively impacting Kraft’s organic sales growth and profitability.
On February 21, 2019, Defendants announced disappointing financial results for Q4 and FY 2018 and Kraft recorded impairment charges totaling $15.4 billion to reduce goodwill and intangible assets.
This news drove the price of Kraft shares down $13.23, or down about 27.5%, to close at $34.95 on February 22, 2019.
“We’re focused on investors’ losses, the extent to which Defendants’ statements about impairment analysis and asset values may have misled investors, and possible improper use of side agreements,” said Hagens Berman partner Reed Kathrein.
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