The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of The Kraft Heinz Company (NASDAQ: KHC) who purchased shares between July 6, 2015 and February 21, 2019. The action, which was filed in the United States District Court for the Northern District of Illinois, alleges that the Company violated federal securities laws.
In particular, the Kraft Heinz lawsuit alleges that (i) Defendants misrepresented that the Zero Based Budgeting (“ZBB”) and other cost-saving measures would deliver increased profitability while simultaneously maintaining base business momentum; (ii) Defendants failed to disclose known trends that were negatively impacting the Company’s organic sales growth and profitability; (iii) Defendants falsely represented the ability of the Company’s pipeline of new products to generate organic growth; (iv) Defendants falsely stated that “main-stays like Oscar Mayer [and] Kraft cheese” were “tangible drivers of [a] turnaround in the second half of 2018”; (v) Defendants failed to disclose known trends that resulted in the intangible asset impairments associated with the Company’s Oscar Mayer and Kraft brands; and (vi) Defendants failed to disclose known trends that resulted in the goodwill impairments affecting its U.S. Refrigerated and Canada Retail divisions.
Shareholders have until April 25, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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