Securities Class Action Filed on Behalf of Persons or Entities That Traded Common Stock of the Kraft Heinz Company or Certain Related Derivatives During the Period July 6, 2016 Through February 21, 2019, Inclusive
NEW YORK--(BUSINESS WIRE)--May 3, 2019--Entwistle & Cappucci LLP (“Entwistle & Cappucci”) announced it has filed a securities class action lawsuit on behalf of persons or entities that purchased Kraft Heinz Company (“Kraft Heinz” or the “Company”) common stock (NASDAQ: KHC), purchased call options on Kraft Heinz common stock, sold put options on Kraft Heinz common stock and/or purchased futures on Kraft Heinz common stock during the period July 6, 2015 through February 21, 2019, inclusive (the “Class Period”). The case was filed in the United States District Court for the Northern District of Illinois, Case No. 1:19-cv-02807, against Kraft Heinz and related defendants (collectively, “Defendants”).
The class action asserts claims under Sections 10(b), 20(a) and 20A of the Securities Exchange Act of 1934. The complaint alleges that, during the Class Period, the Defendants made materially false and misleading statements and failed to disclose material adverse facts concerning the Company’s business prospects, accounting practices and the value of its brands. The subject misstatements were corrected by a series of partial disclosures, the most recent of which was the February 21, 2019 announcement that the Company would be taking a $15.4 billion goodwill impairment write-down relating primarily to its Kraft and Oscar Mayer brands. In addition, the complaint alleges that private equity firm 3G Capital Inc. sold shares while in knowing possession of material, nonpublic information concerning the Company’s upcoming write-down. In this action, the Plaintiff seeks an award of damages, and prejudgment interest, to Plaintiff and other Class members.
On May 1, 2019, the Honorable Robert M. Dow, Jr. set a briefing schedule for the appointment of lead plaintiff. Response/position briefs are due on May 15, 2019 and reply briefs are due on May 22, 2019.
If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact: Andrew J. Entwistle, Esq. of Entwistle & Cappucci at (512) 710-5960 or via e-mail at firstname.lastname@example.org; or Robert N. Cappucci, Esq. of Entwistle & Cappucci at (212) 894-7200 or via e-mail at email@example.com.
About Entwistle & Cappucci
Entwistle & Cappucci is a national law firm providing exceptional legal representation to clients globally in the most complex and challenging legal matters. Our practice encompasses all areas of litigation, including securities, antitrust, corporate transactions, general corporate and commercial, creditor’s rights and bankruptcy, corporate governance and fiduciary duty, government affairs, insurance, investigations and white collar defense. Our clients include public and private corporations, major hedge funds, public pension funds, governmental entities, leading institutional investors, domestic and foreign financial services companies, emerging business enterprises and individual entrepreneurs.
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CONTACT: ENTWISTLE & CAPPUCCI LLP
Andrew J. Entwistle, Esq. (firstname.lastname@example.org)
500 W. 2nd Street, Suite 1900-16
Austin, TX 78701
Telephone: (512) 710-5960
ENTWISTLE & CAPPUCCI LLP
Robert N. Cappucci, Esq. (email@example.com)
299 Park Avenue, 20th Floor
New York, New York 10171
Telephone: (212) 894-7200
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SOURCE: Entwistle & Cappucci LLP
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PUB: 05/03/2019 04:00 PM/DISC: 05/03/2019 04:01 PM