Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against The Kraft Heinz Company

Business Wire 20-Mar-2019 9:48 PM

Glancy Prongay & Murray LLP ("GPM") reminds investors of the April 25, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired The Kraft Heinz Company ("Kraft" or the "Company") (NASDAQ: KHC) securities between July 6, 2015 and February 21, 2019, inclusive (the "Class Period"). Kraft investors have until April 25, 2019 to file a lead plaintiff motion in this class action.

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

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, Kraft's share price 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.

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If you purchased or otherwise acquired Kraft securities during the Class Period you may move the Court no later than April 25, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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