NEW YORK, March 04, 2019 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of The Kraft Heinz Company (NASDAQ: KHC) from May 4, 2017 through February 21, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Kraft Heinz investors under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than April25, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, http://zhanginvestorlaw.com/join-action-form/?slug=the-kraft-heinz-company&id=1761 or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756 or email info@zhanginvestorlaw.com, slee@zhanginvestorlaw.com for information on the class action.
According to the lawsuit, 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
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