SAN FRANCISCO, CA – (March 4, 2019) – The law firm of Lieff Cabraser announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of The Kraft Heinz Company (“Kraft” or the “Company”) (Nasdaq: KHC) between May 4, 2017 and February 21, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired Kraft publicly traded securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 25, 2019. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Kraft investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Kraft Securities Class Litigation
Kraft, incorporated in Delaware and co-headquartered in Chicago, Illinois and Pittsburgh, Pennsylvania, manufactures and markets food and beverage products.
The action alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Kraft’s internal controls regarding its procurement area were inadequate; (2) Kraft would need to write down a substantial amount of goodwill and certain intangible assets in its Kraft natural cheese business, its Oscar Mayer cold cuts business, and its Canada retail business because of supply chain issues; and (3) Kraft failed to advise investors of the foregoing issues.
On February 21, 2019, after the market closed, Kraft announced an impairment charge of $15.4 billion, and disclosed that in October 2018 the Company had received a subpoena from the Securities and Exchange Commission associated with an investigation into Kraft’s procurement area. On this news, the price of Kraft stock fell $13.23 per share or 27.46% to close at $34.95 per share on February 22, 2019, on extremely elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP