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PRESS RELEASE from provider: Business Wire
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of The Kraft Heinz Company Investors (KHC)

February 27, 2019

BENSALEM, Pa.--(BUSINESS WIRE)--Feb 27, 2019--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased The Kraft Heinz Company (NASDAQ: KHC ) (“Kraft Heinz” or the “Company”) securities between May 4, 2017 and February 21, 2019, inclusive (the “Class Period”). Kraft Heinz investors have until  April 25, 2019 to file a lead plaintiff motion.

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.

If you purchased shares of Kraft Heinz, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190227006032/en/

CONTACT: Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com

www.howardsmithlaw.com

KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Law Offices of Howard G. Smith

Copyright Business Wire 2019.

PUB: 02/27/2019 05:38 PM/DISC: 02/27/2019 05:38 PM

http://www.businesswire.com/news/home/20190227006032/en