NEW YORK, March 08, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit against The Kraft Heinz Company (“Kraft” or the “Company”) (NASDAQ: KHC) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Kraft securities between May 4, 2017 and February 21, 2019, both dates inclusive (the “Class Period”). Investors are encouraged to learn more about this case by visiting the firm’s site: www.bgandg.com/khc.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

The Complaint alleges that Defendants made materially false and 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.

On February 21. 2019, Kraft announced discouraging quarterly results, including a $15 billion charge related to the value of its marquee Kraft and Oscar Mayer trademarks, and said cut its dividend from 63 cents per share to 40 cents per share. The company’s chief financial officer said he expected Kraft to "take a step backwards in 2019."  Kraft also revealed that it had received a subpoena from the U.S. Securities and Exchange Commission regarding its accounting practices. Following these announcements, Kraft stock dropped significantly.

A class action lawsuit has already been filed. If you are a Kraft shareholder and wish to review a copy of the Complaint you can visit the firm’s site:  www.bgandg.com/khc. You may also contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. You have until April 25, 2019 to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com