The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of investors who purchased The Kraft Heinz Company (NASDAQ: KHC) securities between July 6, 2015 and February 21, 2019.
According to the Kraft Heinz lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose 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.
If you suffered a loss in Kraft Heinz 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.
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